The first quarterly market report for Greater Des Moines commercial real estate found that office vacancies stood at 13.7 percent at the end of June, with an inventory of 344 properties and 13.6 millions square feet.
The central business district had the highest vacancy rate at 20.7 percent, according to the report from Xceligent Inc. The largest lease appears to be to The Des Moines Register, which moved into slightly more than 80,000 square feet at Capital Square in June.
Xceligent compiles its information from area brokers and its own surveys. The national analytics firm said earlier this year that it would enter the Greater Des Moines market and rely on local commercial real estate experts in compiling and reviewing the data. The quarterly reports will provide a supplement through the year to annual market surveys compiled by CBRE/Hubbell Commercial.
According to Xceligent, average asking rents for the quarter were $19.30, $15.12 and $11.72 per square foot for Class A, B and C office space, respectively, on a full service gross basis.
The vacancy rate for industrial properties stood at 4.4 percent, with manufacturing properties having the lowest vacancy rate, 0.6 percent, and flex properties having the highest vacancy rate, 7.2 percent.
The highest vacancy rate was in the central business district, at 8.9 percent.
The lowest was in the South submarket at 2.7 percent.
Average triple net asking rates were $3.58, $3.98, and $5.68 per square foot for light industrial, warehouse and flex property types, respectively, according to the report.