Des Moines-area Q2 industrial market report
BPC Staff Aug 10, 2021 | 10:14 pm
1 min read time215 wordsAll Latest News, Real Estate & Development
The following are some highlights from CBRE|Hubbell Commercial’s 2021 second-quarter industrial market report for the Des Moines area:
• The vacancy rate was 6.7% in the second quarter, up slightly from 6.1% in the first quarter. Overall, there was nearly 61.4 million square feet of leasable industrial space in the metro area, 4 million of which was vacant.
• An existing national distributor preleased 225,000 square feet in a warehouse under construction in the Anderson Warehouse development in Altoona. The warehouse is expected to be completed by the end of 2021.
• More than 1.4 million square feet of speculative space is either under construction or planned to begin construction in 2021. About 435,000 square feet of the space is expected to be completed in 2021. The remainder is expected to be completed by mid-2022.
• The quarter’s largest sale was of property at 7310 S.E. Crosswinds Drive in Ankeny. An Amazon Inc. delivery station will be located on the property, which was sold for $22.1 million. Hubbell Realty, through its Crosswinds Business Park Building I LLC, sold the property to Allegra Iowa LLC. The group appears to have ties to Allegra Holding Inc., an investment group located in Madrid, Spain, according to documents filed with the Polk County recorder.
Read the market report.