Report: Retail vacancy rate at 8.6% in Des Moines area
BPC Staff May 18, 2021 | 11:15 pm
1 min read time238 wordsAll Latest News, Real Estate & Development
The following are highlights from CBRE|Hubbell Commercial’s 2021 first-quarter market report for the Des Moines area:
• 8.6%, or 1.2 million square feet, of the area’s 14.4 million square feet of retail space was vacant.
• 12.5%, or 529,199 square feet, of the area’s 4.2 million square feet of neighborhood and community center space was vacant. The western suburbs had the most vacant space with 261,220 square feet available to lease. The central business district had 158,230 square feet of space vacant.
• 5.9% of space occupied by big box stores was vacant, down slightly from the fourth quarter when the vacancy was 6.3%. Overall, 550,150 square feet of the area’s 9.3 million square feet of the big box market was vacant.
• Included in the space that was leased in the first quarter was 39,270 square feet by Burlington Coat Factory at the Westridge Shopping Center, 10201 University Ave. in Clive. Also, Iowa Realty Co. is consolidating its three West Des Moines locations, leasing about 23,000 square feet at Mills Crossing, located at 5901 Mills Civic Parkway in West Des Moines.
Worker shortages and continued consumer uncertainty will likely hinder retail user and consumer demand in the coming months, the report said. “We anticipate minimal absorption gains in [the second quarter] as a result, making any notable occupancy or rent growth unlikely as market conditions remain decidedly in favor of tenants.”
Read the entire report.