Quarterly Market Trends
During Q4 2023, the Office market experienced over 115,800 sf of leasing activity in 13 transactions. The highest vacancy rate was 6.2% in the Des Moines Northeast market for all properties and 22.1% for multi-tenant properties. Des Moines Northeast topped all markets with 320,000 sf positive absorption. Ankeny led all markets with (13,600) sf negative absorption. Fourteen properties totaling 207,100 sf sold this quarter topping $15,600,000.
In the fourth quarter, the industrial market experienced 330,400 sf of leasing activity in 57 transactions. Des Moines South had the largest absorption gain with 140,000 sf positive absorption. Eight properties with over 475,700 sf sold during Q4 2023 topping $20.8 million.
During Q4 2023, the Retail market experienced over 82,800 sf of leasing activity in 33 transactions. Des Moines West posted the highest positive absorption of 17,800 sf. Des Moines CBD dropped the most with (13,800) sf negative absorption. Ankeny market posted the lowest vacancy rate at 2.6% for all properties. The highest vacancy rate was 9.7% in the Des Moines CBD market for all properties. Fifteen properties totaling over 137,800 sf sold during Q4 2023 topping $21.2 million.
