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Report: Overall retail vacancy rate at 6.3% in Des Moines area

The following are highlights from CBRE|Hubbell Commercial’s 2021 third-quarter market report for the Des Moines area:

• 6.3%, or 900,701 square feet, of the area’s 14.2 million square feet of retail space was vacant.

• 11.9%, or 482,508 square feet, of the 4.05 million square feet of neighborhood and community center space in Ankeny, the western suburbs and northeast, northwest and south Des Moines was vacant. The western suburbs had the most vacant space, with 252,148 square feet available to lease.

• 19%, or 147,937 square feet, of the Central Business District’s 762,368 square feet of retail space was vacant. The vacancy rate of the downtown core was 37%, with 58,192 square feet of the 158,205 square feet vacant.

• 2.9% of space occupied by big box stores was vacant. Overall, 270,256 square feet of the area’s 9.4 million square feet of the big box market was vacant. In the fourth quarter of 2020, the vacancy rate for big box space was 6.3% The vacancy rate has declined each month since then. Currently there are six spaces of 20,000 square feet or more available to lease.

• Four speculative projects with a total of 47,000 square feet were completed in the quarter; 94,153 square feet of space is under construction.
Read the entire report.

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