The following are highlights from CBRE|Hubbell Commercial’s 2021 third-quarter office market report for the Des Moines area:

• In the third quarter, 16.7%, or 2.9 million square feet, of office space was vacant. The vacancy is slightly less than the 16.9% reported in the second quarter. The central business district, with over 6.4 million square feet of office space, had a vacancy rate of 19.6%. Ankeny, with 568,025 square feet of office space, had a vacancy rate of 17.7%.

• Sublease inventory climbed to 363,890 square feet, the highest level since 2011. A combined total of 53,036 square feet of sublease space became available at an office building at 909 Locust St. and at the Hub Tower, 699 Walnut St., both downtown Des Moines properties. The central business district has 89,000 square feet of sublease space available, most of which has been added to the market since the start of the pandemic.

• Year-to-date leasing activity is down 22% in the number of new deals and 47% in total volume from 2019 levels. The average deal size is down 32% over the same period in 2019.

• An office building at 611 Fifth Ave. in Des Moines is being renovated. Currently about 50% of the 105,916 square feet of space is leased. Tenants include Weitz Construction Co., the Iowa Department of Human Services Elias Project and Woodward Community Based Services.

• speculative Class A office building at 5745 Raccoon River Drive in West Des Moines is expected to be completed in March. All 36,800 square feet of space is available for lease.

Read the report.