Demand for industrial space across the Des Moines metro remained strong in the fourth quarter of 2025, but developers focused on projects that were pre-leased or had a clear pipeline for occupancy, according to market reports from area brokerage firms.

The Business Record reviewed reports from JLL, CBRE, Cushman & Wakefield, and Colliers and found that lease rates remained stable, and the strongest area of the metro for industrial activity continued to be the northeastern area including Altoona and Bondurant.

Here are highlights from each of the firm’s fourth-quarter reports.

JLL

• Vacancy: 6.8%
• Under development: 396,924 square feet
• Pre-leased: 91.2%
• Year-to-date deliveries: 598,744 square feet
• Asking rent: $6.19 per square foot

“Vacancy rates are expected to decline in 2026 as larger available spaces find tenants throughout the year. Lease rates should remain stable as property owners continue to see acceptable returns on their investments.”

CBRE

• Vacancy: 8.6%
• Under construction: 400,278 square feet
• Construction delivered: 54,586 square feet
• Lease rate: $6.52 per square foot

“Industrial leasing activity increased quarter-over-quarter, totaling 731,649 square feet in Q4. The Northeast and South submarkets recorded the greatest amount of leased space, with 506,000 square feet and 100,000 square feet taken down, respectively.”

Cushman & Wakefield

• Vacancy: 7.5%
• Year-to-date net absorption: negative 239,000 square feet
• Asking rent: $6.87 per square foot

“The Northeast remained the strongest submarket, recording 94,884 square feet of year-to-date absorption and leading the region in both inventory and construction activity, with 154,225 square feet underway and 132,968 square feet delivered year-to-date. The Western Suburbs also showed solid construction momentum, with 144,995 square feet underway and 179,627 square feet in completions.”

Colliers

• Vacancy: 6%
• Under construction: 1.8 million square feet
• Lease rate: $6.90 per square foot

“Developers are still active but increasingly discerning, prioritizing sites with demonstrated lease-up momentum and clear tenant pipelines before committing to new starts.”