Des Moines Office Rent Price & Sales Report

2022 Office Space Rent & Sales

  • $24.70 2022 Avg. Asking Rent
  • 12.09% 2022 Office Vacancy Rate
  • $22.4M2022 Total Office Sales
  • $117.54Avg. Sale Price/SF

Des Moines office price per square foot in 2022 was $24.70 on average. The local office market recorded an average vacancy rate of 12.09% across all asset classes combined. The 5 transactions that closed here throughout 2022 amounted to a total sale volume of $22.4M. Des Moines office space commanded an average sale price per square foot of $117.54.

Average Rent by Office Class

2022 Average Office Rent per Square Foot

  • Des Moines Class A & A+ Office Space$30.27
  • Des Moines Class B Office Space$22.87
  • Iowa Class A & A+ Office Space$28.75
  • Iowa Class B Office Space$20.94
  • Iowa Class C Office Space$19.65

Des Moines, IA Office Asking Rents by Class

2022 Office Vacancy Rates in Des Moines

Submarket Asking Rents Vacancy Rates
Downtown $25.14 13.67%
East Village $23.26 20.52%
West Des Moines $21.42 23.87%
Northwest $20.47 1.76%
Data provided by Commercial Edge
Submarket differences in factors such as property mix, degree of accessibility, and availability of amenities influence not only variation in office rent price, but also in vacancy rates. The overall office vacancy rate on the Des Moines market was 12.09% in 2022. Looking at the market stats on a more granular level, data shows that the lowest office vacancy rate in Des Moines was 1.76% in the Northwest submarket, while the highest office vacancy in the market was 23.87%, recorded in West Des Moines.

Office Spaces for Rent in Iowa

Des Moines Office Sale Price per SF

  • $117.542022 Avg. Price per SF
  • $22.4M2022 Office Sales Volume
  • 52022 Number of Transactions

Des Moines, IA Sale Price per SF Trend

  • Des Moines Avg. Sale Price per SF in 2022$117.54
  • Iowa Avg. Sale Price per SF in 2022$163.82
The sale price for office space in Des Moines averaged $117.54 per square foot in 2022, across all market subdivisions and asset classes. Conversely, the statewide Iowa average office sale price during the same time period was $163.82 per square foot.

2022 Office Sales Volume

  • Des Moines, IA Total Office Sales Volume in 2022 $22.4M
  • Des Moines, IA Total Number of Office Sales Closed in 2022 5
A total of 5 deals closed on the Des Moines office market in 2022, adding up to a yearly sales volume of $22.4M. Notably, the largest transaction on the market saw 301 Grand Avenue & 506 3rd Street change hands for $7,100,000 on 4/13/2022.

Largest Des Moines Office Sales in 2022

Property name Address Date Price
301 Grand Avenue & 506 3rd Street 301 Grand Avenue 4/13/2022 $7,100,000
106 East 6th Street 106 East 6th Street 4/11/2022 $5,400,000
95 University Avenue 95 University Avenue 7/18/2022 $3,000,000
5901 Thornton Avenue 5901 Thornton Avenue 5/12/2022 $2,600,000
Data provided by Commercial Edge

Coworking Spaces in Iowa

2022 Office Construction in Des Moines, IA

Largest Office Properties Recently Completed in Des Moines
Office building Address SF Completed
604 Locust Street 604 Locust Street, 50309 153,932 2017
Locust Plaza 1420 Locust Street, 50309 34,646 2015
Davis Brown Tower 215 10th Street, 50309 432,630 2007
430 East Grand Avenue 430 East Grand Avenue, 50309 51,456 2004
Gateway East Building 601 East Locust Street, 50309 30,920 2002
300 East Locust Street 300 East Locust Street, 50309 44,394 2001
Airport Commerce Park West - 6200 Park Avenue 6200 Park Avenue, 50321 138,978 2000
1700 Dixon Street 1700 Dixon Street, 50316 71,705 1999
909 Locust Street 909 Locust Street, 50309 225,654 1996
801 Grand Avenue 801 Grand Avenue, 50309 878,582 1990

Worth noting among recent office completions on the Des Moines market is 604 Locust Street, which is currently the largest new office development in the city, at 153,932 square feet.

Data provided by Commercial Edge

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This market stats report is based on analysis of city-level data that includes office properties equal to or larger than 25,000 square feet in size. Averages were calculated based on values dated January 1st 2022 through December 31st 2022. Construction pipeline data represented herein is valid as of April 2023. The information on this page was compiled using data provided by CommercialEdge, a market intelligence solution which offers comprehensive real market 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.