Des Moines Retail Figures Q1 2025

Overall net absorption posted positive 90,027 sq. ft. for Q1 2025. Positive net absorption was concentrated primarily in the Western Suburbs submarket, accounting for nearly 90% of total absorption.

Market vacancy rates closed the quarter at 5.0%. The South submarket posted the highest vacancy rates at 12.5%. The Northeast (1.4%) and CBD (2.9%) submarkets posted the markets lowest vacancy rates. Looking at property subtypes, the Regional Mall property subtype posted the markets highest vacancy rates at 10.7% while the Street, Freestanding, Other property subtype posted the markets lowest vacancy rates at 2.9%.

Retail investment sales volume recorded just under $20 million to start the year, with STNL transactions accounting for just over 80% of that total.

The overall average asking lease rate increased quarter-over-quarter by $0.89 to $17.74 NNN.