Des Moines Office Market Trends

Office Rental Market

  • $22.15 2019 Avg. Asking Rent
  • 9.97 % 2019 Avg. Vacancy Rate
  • 45,000 2019 Office Completions (Sqft)
  • 0 2020 Estimated Pipeline (Sqft)
In 2019, the average asking rent for office space in Des Moines was $22.15 per square foot, and the office vacancy rate across the market averaged 9.97 %. During 2019, developers added 45,000 square feet of new office space to the Des Moines market inventory. Office developments estimated for delivery during 2020 total 0 square feet.

Average Office Asking Rents by Class

2019 Average Office Rent per Square Foot

  • Des Moines Class A Office Buildings$23.76
  • Des Moines Class B Office Buildings$16.79
  • IA Class A Office Buildings$24.62
  • IA Class B Office Buildings$18.85
  • IA Class C Office Buildings$9.48

Des Moines, IA Office Asking Rents by Class

OFFICE CONSTRUCTION IN Des Moines, IA

  • Des Moines, IA Total Sqft completed in 2019 45,000
  • Des Moines, IA Total Sqft under construction in 2020 0
10 Largest Office Buildings in Des Moines
Building name Address Total Sqft Year built
801 Grand 801 Grand Avenue, 50309 878,582 1990
1100 Locust Street 1100 Locust Street, 50309 764,001 2002
1331 Grand Avenue 1331 Grand Avenue, 50309 599,880 2009
Ruan Center 666 Grand Avenue, 50309 460,495 1975
750 Park Street 750 Park Street, 50309 457,891 1996
Capital Square 400 Locust Street, 50309 454,619 1983
Davis Brown Tower 215 10th Street, 50309 432,630 2007
Meredith Headquarters 1716 Locust Street, 50309 419,660 1911
711 High Street 711 High Street, 50392 416,935 1940
655 9th Street 655 9th Street, 50309 387,912 1986
Largest Office Properties Recently Completed in Des Moines
Office building Address Sqft Completed
111 East Grand 111 East Grand Avenue, 50309 66,800 2019
Krause Gateway Center 1459 Grand Avenue, 50309 160,000 2018
219 8th Street 219 8th Street, 50309 102,275 2017
220 SE 6th Street 220 SE 6th Street, 50309 47,000 2017
Locust Plaza 1420 Locust Street, 50309 34,646 2015
215 East 3rd Street 215 East 3rd Street, 50309 25,000 2015
Market One 130 East 3rd Street, 50309 39,000 2014
Kemin Corporate Headquarters 1900 Scott Avenue, 50317 135,000 2013
95 University Avenue 95 University Avenue, 50314 39,672 2011
Kruidenier Building 1408 Locust Street, 50309 32,000 2011
Data provided by Commercial Edge

Office Spaces for Rent in Iowa

DES MOINES OFFICE SALES TRENDS

  • $71.132019 Avg. Price per Sqft
  • 86.79 %Y-o-Y Avg. PpSF Change
  • $21.6M2019 Office Sales Volume
  • 42019 Number of Transactions

In 2019, office sales in Des Moines averaged $71.13 per square foot. This marked a 86.79 % increase in office price per square foot, compared to the previous year. A total of 4 office sales closed on the Des Moines office market in 2019, amounting to a total sales volume of $21.6M.

Average Office Sale Price per Sqft

Des Moines, IA Sales Trends

  • Des Moines Price per Sqft$71.13
  • Iowa Price per Sqft$98.83

Office Sales - Trend and Volume

  • Des Moines, IA Total Office Sales Volume in 2019 $21.6M
  • Des Moines, IA Total Number of Office Sales Closed in 2019 4

Largest Des Moines Office Sales in 2019

Property name Address Date Price
1963 Bell Avenue 1963 Bell Avenue 9/11/2019 $7,590,000
D. S. Chamberlain Building 1312 Locust Street 12/19/2019 $5,369,834
Kruidenier Building 1408 Locust Street 12/19/2019 $4,630,166
5801 Thornton Avenue 5801 Thornton Avenue 8/29/2019 $2,100,000
303 Watson Powell Jr. Way 303 Watson Powell Jr. Way 7/17/2019 $1,950,000
Data provided by Commercial Edge

See trends for nearby markets

The Des Moines office market contains an inventory of 12,856,390 square feet of office space, in 100 buildings that are equal to or larger than 25,000 square feet.

This market trends report is based on analysis of city-level data. Averages were calculated based on values dated January 1st 2019 through December 31st 2019. Construction pipeline data shown is valid as of April 2020. The information on this page was compiled using data provided by our sister company, CommercialEdge – a market intelligence solution which offers comprehensive knowledge on all Des Moines commercial properties sized 25,000 square feet or larger.

While every effort was made to ensure the accuracy of the data presented in this report, the information is provided “as is” and neither CommercialCafe nor CommercialEdge can guarantee that the information provided is complete.