Des Moines Office Figures Q1 2026

The Des Moines Office market reported an overall vacancy rate of 13.9% in Q1 2026, which is 170 bps lower than the previous quarter, 290 bps lower than one year ago, and 330 bps higher than 3 years ago. 
Average asking rent was $20.52 per sq. ft. year gross at the close of Q1 2026, which is an increase of $0.13, or 0.6% from the previous quarter. 
Net absorption was positive 346,892 sq. ft in Q1 2026, which represents the fourth quarter in a row of positive absorption and is over 150,000 sq. ft. greater than total net absorption for 2025.
Available sublease space was 175,901 sq. ft. in Q1 2026, which represents only 0.7% of the total office inventory in the Des Moines market.
New construction remains conservative in the market as no new competitive office properties have been delivered to the Des Moines market since Q2 2024. The amount of office space under construction remains low with only one 71,000 sq. ft. property under way.