Des Moines Office Rent Price & Sales Report

2023 Office Space Rent & Sales

  • $25.08 2023 Avg. Asking Rent
  • 1.54% Y-o-Y Avg. Asking Rent Change
  • 11.18% 2023 Office Vacancy Rate

Des Moines office price per square foot in 2023 was $25.08 on average. This marked a +1.54% change in office space price per square foot compared to the previous year. The local office market recorded an average vacancy rate of 11.18% across all asset classes combined.

See how this market compares to the national average: U.S. office space rent & sales.

Average Rent by Office Class

2023 Average Office Rent per Square Foot

  • Iowa Class A & A+ Office Space$26.47
  • Iowa Class B Office Space$21.09
  • Iowa Class C Office Space$21.88

Des Moines, IA Office Asking Rents by Class

2023 Office Vacancy Rates in Des Moines

Submarket Asking Rents Vacancy Rates
Downtown $25.75 11.88%
Ankeny $25.49 4.80%
East Village $21.67 18.13%
West Des Moines $21.33 19.89%
Northwest $17.05 2.65%
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 11.18% in 2023. Looking at the market stats on a more granular level, data shows that the lowest office vacancy rate in Des Moines was 2.65% in the Northwest submarket, while the highest office vacancy in the market was 19.89%, recorded in West Des Moines.

Office Spaces for Rent in Iowa

Coworking Spaces in Iowa

2023 Office Construction in Des Moines, IA

Largest Office Properties Recently Completed in Des Moines
Office building Address SF Completed
418 East Grand Avenue 418 East Grand Avenue, 50309 40,000 2025
50 Forest Ave 50 Forest Ave, 50314 61,712 2018
604 Locust Street 604 Locust Street, 50309 153,932 2017
Iowa Orthopaedic Center 450 Laurel Street, 50314 60,000 2008
Davis Brown Tower 215 10th Street, 50309 432,630 2007
100 East Euclid Avenue 100 East Euclid Avenue, 50313 199,938 2007
801 Walnut Street 801 Walnut Street, 50309 335,556 2006
106 East 6th Street 106 East 6th Street, 50309 49,851 2006
535 SW 7th Street 535 SW 7th Street, 50309 36,082 2004
800 Walnut Street 800 Walnut Street, 50309 315,000 2003

Worth noting among recent office completions on the Des Moines market is 418 East Grand Avenue, which is currently the largest new office development in the city, at 40,000 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 2023 through December 31st 2023. Construction pipeline data represented herein is valid as of April 2024. 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.