St Louis Commercial Office Space for Rent

Q3 2026

Q3 2026 St. Louis Commercial Real Estate Market Report

Focus: Q3 2026 Market Trends

Executive Summary

St. Louis enters late 2026 with a clear split between tight suburban submarkets and softer urban cores. Office vacancy was 18.4% in Q2, but St. Charles and Mid County sit below 7%. Industrial rents rose 8.9% year over year, and St. Charles County retail vacancy hit a record low. Tenant demand on TenantBase shifted toward office in Q3: office space accounted for 57.1% of all St. Louis tenant searches, up from 16.3% in Q2.

Sector Snapshot

  • Office: Mixed. Vacancy was 18.4%, with Class A posting positive absorption while Class B declined.
  • Industrial: Rents rising. Vacancy was 5.1%, with asking rent up 8.9% year over year.
  • Retail: Strong in the suburbs. St. Charles County vacancy fell to a record-low 3.3% in June.
  • Multifamily: Active pipeline. About 4,700 units are under construction.

St. Louis Tenant Demand Index

The TenantBase Tenant Demand Index tracks what businesses across the St. Louis metro, St. Charles County, and the Metro East are actively searching for on the TenantBase platform each quarter. Because it measures tenant intent before leases are signed, it shows where demand is heading ahead of traditional vacancy and absorption data.

Q3 2026 Search Share by Space Type (July 1 to September 30, 2026)

  • Office: 57.1%
  • Retail/Storefront: 40.5%
  • Warehouse/Industrial: 2.4%

Three-Quarter Trend

  • Office: 18.3% in Q1, 16.3% in Q2, 57.1% in Q3
  • Retail/Storefront: 61.7% in Q1, 53.2% in Q2, 40.5% in Q3
  • Warehouse/Industrial: 22.2% in Q1, 31.0% in Q2, 2.4% in Q3

Key Takeaways

  • Office overtook retail as St. Louis' top search category, rising from 16.3% to 57.1% of searches.
  • Office tenants are committing longer. 2 to 3 year terms rose from 20.0% of office searches in Q2 to 37.5% in Q3.
  • Retail tenants favor 3 to 5 year leases. 47.1% of Q3 retail searches sought 3 to 5 year terms, nearly double the 24.5% in Q2.
  • Long-term retail users need more space. Retail searches for 5+ year terms averaged 5,000 to 10,000 SF, compared with 500 to 1,000 SF for 2 to 3 year terms.
  • Location interest spans the city and West County. Downtown, the Central West End, Clayton, Chesterfield, and Central St. Charles were the most requested areas, followed by Midtown and Earth City/Riverport.

Office Market

Key Metrics (Q2 2026)

  • Vacancy: 18.4%, up 80 basis points year over year (Cushman & Wakefield)
  • Net absorption: negative 34,115 SF in Q2, with Class A positive 40,250 SF and Class B negative 74,365 SF (Cushman & Wakefield)
  • Average asking rent: $21.92/SF, with Class A at $23.93/SF, up $0.37 year over year (Cushman & Wakefield)
  • Submarkets: St. Charles at 5.4%, Mid County at 7.0%, Clayton at 15.0%, West County at 18.6%, St. Louis City at 27.6%, and Downtown at 29.7% (Cushman & Wakefield)

TenantBase Office Activity

Demand share: 57.1% of St. Louis tenant searches, up from 16.3% in Q2 and 18.3% in Q1.

Lease term preferences:

  • Less than one year: 41.7%
  • 2 to 3 years: 37.5%
  • 3 to 5 years: 16.7%
  • 5+ years: 4.2%

Space requirements by term:

  • Less than one year: 1,167 to 2,333 SF
  • 2 to 3 years: 813 to 1,688 SF
  • 3 to 5 years: 875 to 2,125 SF

TenantBase data vs. the market: Downtown, one of the most searched areas on TenantBase, has 29.7% vacancy and asking rents of $17.77/SF, giving small tenants strong leverage. Clayton, at 15.0% and $29.30/SF, is tighter and pricier. Tenants searching Central St. Charles face the tightest conditions at 5.4% vacancy and should start early.

Industrial & Warehouse Market

Key Metrics (Q2 2026)

  • Vacancy: 5.1%, up 150 basis points year over year (Cushman & Wakefield)
  • Average asking rent: $5.61/SF NNN, up 8.9% year over year (Cushman & Wakefield)
  • Under construction: 3,309,590 SF (Cushman & Wakefield)
  • Submarkets: St. Charles at 2.1%, West County at 5.2%, North County at 7.0%, and Metro East at 10.1% (Cushman & Wakefield)

TenantBase Industrial Activity

Demand share: 2.4% of St. Louis tenant searches, down from 31.0% in Q2 and 22.2% in Q1.

Lease terms: Q3 industrial searches sought 2 to 3 year terms.

TenantBase data vs. the market: Industrial tenants will find the most options in the Metro East at 10.1% vacancy and $4.39/SF. St. Charles, at 2.1%, is the tightest submarket.

Retail Market

Key Metrics (2026)

  • St. Charles County: vacancy fell to a record-low 3.3% in June, supported by population growth and a 195,000 SF Costco commitment (Marcus & Millichap)
  • St. Louis City: leasing picked up along the Midtown-Downtown corridor, supported by strong apartment absorption (Marcus & Millichap)

TenantBase Retail Activity

Demand share: 40.5% of St. Louis tenant searches, down from 53.2% in Q2.

Lease term preferences:

  • 3 to 5 years: 47.1%
  • 2 to 3 years: 29.4%
  • Less than one year: 11.8%
  • 5+ years: 11.8%

Space requirements by term:

  • 2 to 3 years: 500 to 1,000 SF
  • 3 to 5 years: 1,750 to 3,750 SF
  • 5+ years: 5,000 to 10,000 SF

TenantBase data vs. the market: With St. Charles County retail vacancy at a record low, tenants searching Central St. Charles should expect competition for space. The Midtown-Downtown corridor offers more availability as leasing activity there begins to pick up.

Multifamily Market

St. Louis apartment occupancy was 93.4% as of March 2026, according to Yardi Matrix. Average asking rent was $1,344, up 0.3% over the trailing three months. About 4,700 units were under construction, with another 21,000 in planning and permitting, after close to 2,700 deliveries in the prior year.

Q4 2026 Outlook

  • Office: Expect Class A and suburban submarkets to keep outperforming, with tenant leverage Downtown.
  • Industrial: Expect rents to keep rising, with new supply concentrated in West County, North County, and the Metro East.
  • Retail: Expect St. Charles County to stay tight and the urban core to gain momentum.
  • Multifamily: Expect occupancy to stay in the low 90s as the pipeline delivers.

Frequently Asked Questions

What type of commercial space are St. Louis tenants searching for in 2026?

In Q3 2026, office space made up 57.1% of St. Louis tenant searches on TenantBase and retail/storefront made up 40.5%. Office share rose from 16.3% in Q2.

Which St. Louis areas are tenants searching most?

Downtown, the Central West End, Clayton, Chesterfield, and Central St. Charles were the most requested areas on TenantBase in Q3 2026.

What lease terms do St. Louis office tenants want?

41.7% of St. Louis office tenants on TenantBase sought terms under one year in Q3 2026, and 37.5% sought 2 to 3 year terms.

What is the office vacancy rate in St. Louis?

St. Louis office vacancy was 18.4% in Q2 2026, with Downtown at 29.7% and Clayton at 15.0%, according to Cushman & Wakefield.

What is the industrial vacancy rate in St. Louis?

St. Louis industrial vacancy was 5.1% in Q2 2026, with asking rents up 8.9% year over year, according to Cushman & Wakefield.

How can I find commercial space in St. Louis at no cost?

TenantBase matches business tenants with vetted independent tenant rep brokers across the St. Louis metro at no cost to the tenant. Brokers are compensated by the landlord. Get started with TenantBase.

Sources

  1. TenantBase proprietary search data, St. Louis, July 1 to September 30, 2026
  2. TenantBase, St. Louis Commercial Real Estate Market Report, Q2 2026
  3. TenantBase, St. Louis Commercial Real Estate Market Report, Q1 2026
  4. Cushman & Wakefield, St. Louis Office MarketBeat, Q2 2026
  5. Cushman & Wakefield, St. Louis Industrial MarketBeat, Q2 2026
  6. Marcus & Millichap, St. Louis Retail Market Report, 3Q 2026
  7. Multi-Housing News, St. Louis Multifamily Report (Yardi Matrix), May 2026

Disclaimer

Information in this report is aggregated from third-party sources and TenantBase proprietary platform data, and was synthesized with the assistance of AI. Market metrics reflect the most recent published data available at the time of writing. TenantBase search data reflects tenant activity on the TenantBase platform and is not a measure of total market leasing. All figures should be independently verified before making real estate decisions.