Seven warehouse projects whose construction was completed between 2022 and late 2023 remain unoccupied, accounting for over half of the vacant industrial space in the Des Moines area, according to JLL’s 2023 fourth-quarter industrial market report.

“The rise in interest rates throughout 2023 has prompted many industrial occupiers to reassess their expenses, resulting in extended decision-making timelines,” the report said.
Still, a number of potential tenants continue to seek space in the Des Moines area, the report said.

Overall, 5.1%, or 3.42 million of the area’s 67.12 million square feet of warehouse, distribution and manufacturing was vacant in the fourth quarter, the report said.

The vacancy includes 1.9 million square feet available at these recently completed projects:

· Altus Commercial Center, Building C, at 2600 20th St. S.W, in Altoona (496,800 square feet).
· Altus Commercial Center, Building B, 2075 25th St. N.W., Altoona (328,147 square feet).
· I-80 Distribution Center, 451, Ninth St. N.E., Altoona (300,000 square feet).
· Rider Logistics Center, 3901 S.E. Park Drive, Grimes (270,192 square feet).
· Northridge 80/35 Building C, 990 E. Broadway Ave., Des Moines (186,000 square feet).
· I-35 Distribution Center, 7055-7125 S.E. Delaware Ave., Ankeny (180,000 square feet).
· Four Mile Distribution Center, 6910 S.E. Four Mile Drive, Ankeny (157,900).

Three projects under construction expected to be completed in the first half of 2024 will add 761,834 square feet of new industrial space to the area, according to CBRE Inc.’s fourth-quarter market report. Those projects include Prairie Tower I at 4800 N.W. 128th St. in Urbandale; Urban Loop Commerce Center I at Northwest 128th Street and Meredith Drive, also in Urbandale; and South Branch Flex Warehouse I at 4210 S.E. Army Post Road in West Des Moines.­

To read JLL’s fourth-quarter market report, click here.
To read CBRE Inc.’s fourth-quarter report, click here.