.floatimg-left-hort { float:left; } .floatimg-left-caption-hort { float:left; margin-bottom:10px; width:300px; margin-right:10px; clear:left;} .floatimg-left-vert { float:left; margin-top:10px; margin-right:15px; width:200px;} .floatimg-left-caption-vert { float:left; margin-right:10px; margin-bottom:10px; font-size: 12px; width:200px;} .floatimg-right-hort { float:right; margin-top:10px; margin-left:10px; margin-bottom:10px; width: 300px;} .floatimg-right-caption-hort { float:left; margin-right:10px; margin-bottom:10px; width: 300px; font-size: 12px; } .floatimg-right-vert { float:right; margin-top:10px; margin-left:10px; margin-bottom:10px; width: 200px;} .floatimg-right-caption-vert { float:left; margin-right:10px; margin-bottom:10px; width: 200px; font-size: 12px; } .floatimgright-sidebar { float:right; margin-top:10px; margin-left:10px; margin-bottom:10px; width: 200px; border-top-style: double; border-top-color: black; border-bottom-style: double; border-bottom-color: black;} .floatimgright-sidebar p { line-height: 115%; text-indent: 10px; } .floatimgright-sidebar h4 { font-variant:small-caps; } .pullquote { float:right; margin-top:10px; margin-left:10px; margin-bottom:10px; width: 150px; background: url(http://www.dmbusinessdaily.com/DAILY/editorial/extras/closequote.gif) no-repeat bottom right !important ; line-height: 150%; font-size: 125%; border-top: 1px solid; border-bottom: 1px solid;} .floatvidleft { float:left; margin-bottom:10px; width:325px; margin-right:10px; clear:left;} .floatvidright { float:right; margin-bottom:10px; width:325px; margin-right:10px; clear:left;}
The business leaders of Greater Des Moines have shown they can raise money and accomplish major projects. The next challenge is less glamorous but quite important.

Somebody is going to have to find a way to bring a lot more companies – or a couple of big ones – to the office space of downtown Des Moines.

A lot of space already stands empty in the older office buildings, and more vacancies are on the way. When Aviva USA moves to its new headquarters in West Des Moines, and Wellmark Blue Cross and Blue Shield shifts to its place on Grand Avenue, they’ll leave behind a lot of highly taxed but empty floors.

The problem, of course, is not so much the downtown area but its assortment of aging buildings. Nationwide Insurance and now Wellmark serve as great advertisements for other companies to locate in the central core – but they couldn’t find a satisfactory way to do so without new construction.

Companies have come to expect a lot of convenience and comfort from their buildings, and some of the older structures just don’t have what they’re looking for.

All of this happens at a time when commercial real estate has become the next big thing to worry about in the U.S. economy.

CNN Money recently reported on congressional testimony by the Federal Reserve’s associate director of banking supervision and regulation. Jon Greenlee said: “At the end of the first quarter (of 2009), about 7 percent of commercial real estate loans on banks’ books were considered delinquent. This was almost double from the level a year earlier.”

CNN Money noted: “with commercial property values way down, vacancies way up, and the recession making it unlikely there will be a demand pick-up any time soon, banks haven’t been inclined to offer refinancing deals.”

The problem has become easy to spot around here. Whoever can find the solution will qualify as a local business hero.