ST. LOUIS, MO/April 08, 2017 (STLRealEstate.News) Technological Changes – St. Louis has long been regarded as a quintessential American city, offering a crossroads of traditional manufacturing with urban development and growth. Known for its industrial hub and plethora of jobs throughout the years, St. Louis finds itself at a standstill today, deciding whether or not to embrace technological innovation within all of its traditional sectors.
Now in the digital age, St. Louis needs to embrace a future powered by new tech-focused industries while shedding some of its traditional, yet waning, economic drivers. Today, the market still presents many opportunities for successful real estate development in key sub-markets, most notably Clayton. The area’s population has held steady throughout the years, and it’s actually positioning itself as a go-to location for millennial families today. Additionally, it benefits from the presence of several Fortune 500 companies in high-growth industries, including the healthcare and insurance fields, all committed to bettering the local economies.
The manufacturing sector, as the biggest driving factor behind St. Louis’ economy, continues to embody a slow, but formidable, growth patter with steady long-term retention of major employment drivers. Subsequently, there are also a variety of sub-markets within the manufacturing sector that provide niche investment opportunities for out-of-towners. For the long-term investor looking to own high-quality office real estate in areas with strong and steady demand, two markets stands out: Clayton and West County.
All in all, it’s a good situation for St. Louis today, which means that now is the time for the city to embrace the wave of technological development and integration. The manufacturing sector needs to open its doors to mobile applications and programmed robotics for delivering better quality turnarounds every time. Since the city is positioned well today, it will provide developers time to open their doors to the innovative, embrace it, build out the infrastructure, and be good to go in the future.