Des Moines Industrial Figures Q1 2026

After three straight quarters of increased vacancy, the Des Moines Industrial market ended Q1 2026 with 8.5% vacancy, which is 10 bps lower than last quarter. Vacancy is 30 bps higher than one year ago and 430 bps higher than three years ago.
Average asking rents were $6.73 per sq. ft. for Q1 2026, an increase of $0.20 per sq. ft. or 3.1% from the previous quarter.

Net absorption was positive 188,788 sq. ft. in Q1 2026, which outpaces average quarterly absorption levels of 118,153 sq. ft. in 2025. 
Three properties totaling 199,584 sq. ft. of newly constructed industrial space was completed in Q1 2026. 97.5% of this space was either build-to-suit space or pre-leased. 
The amount of industrial space under construction in the Des Moines market is now over 1.3 million sq. ft., which is the highest level since Q4 2022.