A quick look at office and industrial leasing
KENT DARR Aug 3, 2016 | 9:07 pm
1 min read time
261 wordsAll Latest News, Real Estate and DevelopmentLeasing activity in the Greater Des Moines office market improved in the second quarter, with nearly 130,000 square feet of space filling up, according to a report from the Des Moines office of JLL.
The majority of that occupied office space — 95,000 square feet — was in the western suburbs, primarily West Des Moines and Urbandale. However, the largest single user was Mercy Medical Center, which leased 30,000 square feet for its billing operations in MLK River Park in downtown Des Moines. Health care companies leased 60,000 square feet of office space last quarter.
Of the 45 leases that were signed during the quarter in Greater Des Moines, 29 were in the western suburbs and seven were in downtown Des Moines.
New office properties include R&R Realty’s 75,000-square-foot office building on Jordan Creek Parkway in West Des Moines, and a 15,193-square-foot, single-story office building that DRA Properties has under construction in Prairie Trail in Ankeny.
Office vacancy stood at 11.4 percent through the end of the quarter on June 30, compared with 11.8 percent a year ago.
Vacancies at warehouse, distribution and manufacturing buildings nudged up to 2.8 percent during the quarter from 2 percent in 2015.
The past five years have shown a steady decrease in vacancy with increased leasing and minimal speculative construction projects, according to the JLL report on the industrial market. Ankeny, Grimes and Urbandale are active markets for leasing and new construction, according to the report. Of the nearly 360,000 square feet of new space under development, 61 percent has been preleased. Click here for more information.
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