房地产 -2025年第四季度得梅因工业数据 Des Moines Industrial Figures Q4 2025

CBRE

FIGURESIDESMOINESINDUSTRIALIQ42025

2025

8.6%

vacancyRate

242,782

YTDSFNetAbsorption

54,585400,278$6.52

SFconstructionDeliveredSFunderconstructionNNN/YRLeaseRate

Note:Arrowsindicatechangefrompreviousquarter.

FIGURE1:HistoricalAbsorption,Deliveries,andvacancy

SUMMARY

TheDesMoinesindustrialmarketendedtheyearwithanoverallvacancyrateof8.6%.Thewesternsuburbssubmarketfinishedtheyearwiththehighestvacancyrateat12.3%.

overallnetabsorptionwaspositive242,782sq.ft.in2025.positivenetabsorptionwas

concentratedprimarilyintheNortheastsubmarket,recording560,644sq.ft.year-to-date,andthesouthsubmarket,recording197,691sq.ft.year-to-date.

Industrialleasingactivityincreasedquarter-over-quarter,totaling731,649sq.ftinQ4.The

Northeastandsouthsubmarketsrecordedthegreatestamountofleasedspace,with506KSFand100KSFtakendown,respectively.

Theoverallmarketaverageaskingleaseratewas$6.52attheendofQ42025.

Distribution/Logisticspropertytypesclosedthequarterwithanaskingrateof$5.52whileR&D/Flexpropertytypesclosedat$9.67.

NetAbsorptionmmDeliveriesvacancyRate

source:CBREResearch,Q42025

FIGURES|DESMOINESINDUSTRIAL|Q42025

2CBRERESEARCH©2025CBRE,INC.

vacancy

Theoverallmarketvacancyratefinishedthequarterat8.6%.Thewesternsuburbssubmarkethadthehighestvacancyrateintheoverallmetroat12.3%,followedbytheNorthwest(8.4%),

south(8.4%),andNortheast(8.3%)submarkets.ThecBD(4.4%)andAnkeny(1.9%)submarketspostedthemarketslowestvacancyrates.

AskingRent

Theoverallmarketaverageaskingleaseratewas$6.52NNNattheendofQ42025.

Distribution/Logisticspropertytypesclosedthequarterwithanaskingrateof$5.52NNNwhileR&D/Flexpropertytypesclosedat$9.67NNN.

vacancy

source:CBREResearch,Q42025

FIGURE3:Avg.DirectAskingRate(NNN/YR)

source:CBREResearch,Q42025

FIGURES|DESMOINESINDUSTRIAL|Q42025

3CBRERESEARCH©2025CBRE,INC.

NetAbsorption

TheDesMoinesindustrialmarketpostednegative438,807sq.ft.inQ42025.Fourofthesixsubmarketsrecordednegativeabsorptionduringthequarter.TheNorthwestsubmarket

recordedthehighestamountofnegativeabsorption(-279,240SF),drivenby275,000sq.ft.becomingavailableat5844NE19thst,DesMoines.

Thewesternsuburbsandsouthsubmarketsalsorecordednotablenegativeabsorption,with122,705SFand63,396SF.

Althoughasignificantamountofnegativeabsorptionwasrecordedoverthelasttwoquarters,theDesMoinesindustrialmarketrecordedpositive242,782SFofabsorptionin2025.

constructionActivity

TheDesMoinesconstructionpipelineatthecloseof2025consistsof4projectstotaling

400,278SF.Duringthequarter,constructionbrokegroundonanew76,800SFspeculative

development,"southBranchII"at4500SEArmypostRd,westDesMoines.othersignificantprojectsincludeanew215,344SFbuilt-to-suitdevelopmentinGrimes,andphaseIofthenewDARToperations&MaintenanceFacilityonvandaliaRdinDesMoines,totaling76,884SF.

FIGURE4:NetAbsorptionTrend

0.5

0.3

(0.3)

(0.5)

sq.Ft.millions

NetAbsorptionRolling4QAvg.

source:CBREResearch,Q42025

FIGURE5:constructionActivitysq.Ft.millions

FIGURES|DESMOINESINDUSTRIAL|Q42025

4CBRERESEARCH©2025CBRE,INC.

LeasingActivity

LeasingsawanincreaseinactivityinQ42025.Leasingactivitycameinatjustover730,000sq,ft.duringthequarter,anincreaseofapproximately230,000sq.ft.quarter-overquarter.The

Northeastsubmarketaccountedfor70%ofthetotalleasingactivity,followedbythesouth(14%),andAnkeny(13%)submarkets.

FIGURE6:LeasingActivitybysubmarket

2,076

95,400

100,642

27,002

CBD

westernsuburbs

Ankeny

south

506,529

Northeast

source:CBREResearch,Q42025

FIGURE7:vacantspace%bysubmarket

1.9%

12.3%

8.4%

8.3%

4.4%

8.4%

WesternSuburbsCBDNorthwestNortheastSouthAnkeny

source:CBREResearch,Q42025

FIGURE8:keyLeaseTransactions

Tenantsq.Ft.LeasedTransactionTypeAddresssubmarket

357,000

NewLease

3811Dixonst

Northeast

undisclosed

GraybarElectric0,000

NewLease

70557125SEDelawareAve

Ankeny

75,000

NewLease

undisclosed

Northeast

4950NE29thst

ACCU-TECHcorporation

70,18oNewLease2301FleurDrsouth

Amentumservices

58,080

NewLease

990EBroadway

Northeast

source:CBREResearch,Q42025

FIGURES|DESMOINESINDUSTRIAL|Q42025

5CBRERESEARCH©2025CBRE,INC.

Marketstatisticsbysize

NetRentableArea

Totalvacancy

TotalAvailability

Avg.DirectAsking

DirectAvailabilitysubleaseAvailabilityRate(NNNYR)

currentQuarterNet

AbsorptionYTDNetAbsorption

Deliveries

underconstruction

27,204,311

4.1

4.O0.38.31

92,21871,300

100,000-199,999sq.ft.

12,924,261

8.5

7.80.25.58

(187,525)(126,037)

200,000-299,999sq,.ft.

9,932,459

12.9

13.71.45.72

(342,500)(221,946)

300,000499,999sq.ft.

6,466,156

31.5

24.1

22.51.64.50

0520,465

500,000749,999sq,.ft.

4,864,113

2.12.16.00

750,000sq.ft.

6,295,451

Total

67,686,751

7.40.76.52

(438,807)242,782

NetRentableArea

TotalAvailability

Avg.DirectAsking

DirectAvailabilitysubleaseAvailabilityRate(NNN/YR)

currentQuarterNet

AbsorptionYTDNetAbsorption

2.9

1.91.06.05

5,40029,371

CBD

3.50.95.1

(5,424)(20,234)

Northeast

8.3

6.50.65.91

26,558560,644

Northwest

5,674,238

8.4

6.7o.17.13

(279,240)(318,240)

south

5,818,530

8.4

8.00.05.42

(63,396)197,691

westernsuburbs

19,651,650

11.40.97.03

(122,705)(206,450)

Total

67,686,751

7,40.76.52

(438,807)242,782

400,278

FIGURES|DESMOINESINDUSTRIAL|Q42025

Economicoverview

Theu.s.economyissendingsomemixedsignals.Financialmarketsarefocusedontheupside,particularlyAI's

sizablecontributiontogrowthinrecentquarters.someindicatorsofbusinessactivity,suchascapitalgoodsorders,areimproving,andstrengtheningcreditmarketsarehelpingtousherrealestateintoanewcycle.

Thepicturegetsmoremelancholywhenlookingathouseholds.consumerconfidenceremainsweak,withspending

reportedlydrivenbyasmallersegmentofaffluenthouseholds.Thismosaicofdatasuggeststhatannualaverage

GDpgrowthwillbesteadyin2026,at2%,butatouchsofterthanin2025.Akeycatalystisasofterlabormarket,ascompaniesare'slowtohire,slowtofire'atrendthatislikelytolastafewquarters.Aconsequenceofthisoutlookissofterinflationandlong-termbondyieldstrendingjustbelow4%byH22026.

6CBRERESEARCH©2025CBRE,INC.

FIGURES|DESMOINESINDUSTRIAL|Q42025

MarketAreaoverview

Definitions

Total

Availablesq.Ft.dividedbythetotalbuildingArea.AverageAskingLeaseRate:Acalculatedaveragethatincludesnetandgrossleaserate,weightedbytheircorrespondingavailablesquarefootage.BuildingArea:Thetotalfloorareasq.ft.ofthebuilding,

typicallytakenatthe"dripline"ofthebuilding.GrossActivity:Allsaleandleasetransactionscompletedwithinaspecifiedtimeperiod.Excludesinvestmentsaletransactions.GrossLeaseRate:Renttypicallyincludesrealpropertytaxes,buildinginsurance,

excludesoneormoreofthe"net"costs(realpropertytaxes,buildinginsurance,andmajormaintenance)typicallyincludedinaGrossLeaseRate.occupiedsq.Ft:BuildingAreanotconsideredvacant.vacancyRate:Totalvacantsq.Ft.dividedbythetotalBuildingArea.vacantsq.Ft:spacethatcanbeoccupiedwithin30days.

surveycriteria

Includesallindustrialbuildings10,000sq.ft.andgreaterinsize.Buildingswhichhavebegunconstructionasevidencedbysiteexcavationorfoundationwork.

updatedTrackedcriteria

CBREhasupdatedthecriteriaforindustrialtrackedbuildingsetstoreflectbuildingswithaNetRentableArea(NRA)of10,o00squarefeetorhigher.Inadditiontocreatingregionalconsistency,thischangewillenhancethereportinganddepthofdataoneachmarketsmostcompetitivebuildings.Buildinginventorieswillbeevaluatedquarterlytoensuretheyremainthemost

comprehensiveandaccuraterepresentationofeachmarket.

contacts

TonyLeshen

seniorFieldResearchAnalysttony.leshen@cbre.com

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