Industrial vacancies dropped in third quarter
Wednesday, October 23, 2013 3:29 PM
The vacancy rate for industrial properties in Greater Des Moines fell by nearly a full percentage point in the third quarter, according to a recent report from Xceligent Inc.
Leases were signed for 413,521 square feet of space, with the largest chunk of that coming in the occupancy of 222,258 square feet at 1700 E. Aurora Ave. in Des Moines, according to the report, the second to released by the Omaha real estate analytics firm. The reports are vetted by teams of Greater Des Moines commercial real estate professionals prior to their release.
Greater Des Moines has slightly more than 51 million square feet of industrial space, with all but 3.5 percent of that occupied in the third quarter. Projects are planned that will add 1.2 million square feet to the total.
The Central Business District had the highest vacancy rate, at 7.7 percent, and a net absorption of 3,565 square feet in the quarter that ended Sept. 30.
Downtown also led in office and retail vacancies.
Slightly more than 9 percent of downtown's 391,183 square feet of retail space was unoccupied, according to the report. Overall, nearly 95 percent of Greater Des Moines' 22 million square feet of retail space was occupied, according to the report.
Nearly 80 percent of downtown office space was occupied during the quarter, a number that has seen some improvement over the year, brokers say. Office vacancies for all of Greater Des Moines stood at 13.6 percent, a drop of 1 basis point from the second quarter.