The following are some highlights from CBRE|Hubbell Commercial’s 2022 second-quarter office market report for the Des Moines area, which has more than 18.1 million square feet of rental office space:

• In the second quarter, 16.8%, or just over 3 million square feet, of office space was vacant. The vacancy rate was virtually the same as it was in 2021’s second quarter. One bright spot was in Ankeny, where 11.8%, or 70,196 square feet, of office space was vacant. During the same period a year ago, Ankeny’s vacancy rate was 20.7%. The vacancy rate in the central business district was 18.7%, and in the western suburbs it was 14.2%.

• Wells Fargo plans to vacate a building owned by R&R Realty Group at 7000 Vista Drive in West Des Moines, according to the report. Wells Fargo Card Services currently occupies the 280,396-square-foot building, which was constructed in 1992. Employees of the Wells Fargo division will be relocated to other locations.

• No new office projects began construction in the second quarter. The report predicted that new office construction will be limited to boutique office buildings in areas such as Des Moines’ East Village, Market District and Gray’s Landing, as well as in Waukee’s Kettlestone.

Office vacancies will “continue to inch upwards as the significant amount of sublease space in the marketplace becomes available directly from primary landlords,” according to the report.

Read the report.