Real Estate And Urban Development News

"Downtown St. Louis: A Real Estate Doom Loop"

The sale of a 44-story office building in downtown St. Louis for a 98% discount from its 2006 price highlights the struggles facing the city's central business district, with a record-high office vacancy rate of 22.3%. The abandonment of iconic buildings and closure of local businesses due to remote work has created a vicious cycle, known as the "urban doom loop," leading to a decline in downtown foot traffic. Midwestern cities like St. Louis are facing challenges in attracting people to their downtown areas, and experts suggest prioritizing the addition of amenities to revitalize these urban spaces.