ST. LOUIS, MO/March 5, 2017 (STLRealEstate.News) St. Louis has played host to a lot of construction and local development in the last year, with more projects and real estate activity predicted this year than in the last decade. As such, a table of experts sat down this week with the St. Louis Business Journal to hash out what development trends they are personally noting in the city as of late.
Mark Kornfield: For retail, the biggest development concern at this time is the ever-enduring battle between storefronts and the expansion of eCommerce availability. When one talks to various retailers here, they are equally focused on the quality of their real estate as they are on their eCommerce platforms. Therefore, the retailers still afloat in St. Louis are the ones that provide products not necessarily preferred from online.
David Biales: The St. Louis office sector is experiencing a much more user-driven development than it has in the past. There’s a build-to-suit development, where the construction is customized for the lead user. There are also corporate owned facilities like RGA, Centene, and MiTek. These larger companies are undoubtedly becoming more strategic about their real estate needs and how they grow.
Garrick Hamilton: From our perspective, the trends we’re seeing is a flight to quality of life across those sectors where our entity currently operates: residential, office, and retail. It’s not enough just to develop the retail shopping center, a residential community, or an office building. Projects need to tie into users’ lives and tailor to the manner in which its occupant are living their lives in an effort to improve the quality of those lives.
David Richardson: From my perspective, developments in St. Louis are no longer viewed as “stand-alone” projects – they are constantly tying into the larger community. Should be interesting to see what 2017 has in store for the area.