Figures

Des Moines Retail Figures Q4 2024

February 6, 2025 5 Minute Read

Looking for a PDF of this content?

Download

–Q4 2024 posted just over 70,000 sq. ft. of positive net absorption bringing the Des Moines retail market overall net absorption to 241,292 sq. ft. on the year. All six submarkets recorded positive absorption on the year with the Western Suburbs submarket accounting for approximately 55% of total absorption.
–The overall vacancy rate decreased 10 basis points (3.6% to 3.5%) quarter-over-quarter and decreased 70 basis points (4.2% to 3.5%) year-over-year. The Northeast submarket recorded the lowest vacancy at 2.2%. (Figure 5)
–Overall investment sales volume in 2024 reached just over $74 million, a 23% year-over-year decrease compared to 2023.
–The overall average asking lease rate increased quarter-over-quarter by $0.08 to $16.85 NNN, which represents an increase of $0.52 since the beginning of the year.