Markets · Des Moines–West Des Moines, IA MSA
Des Moines Industrial Market Report
Bluebird CRE Research · As of 2026 Q1 · Data: CoStar Group, www.costar.com
A steadily growing market with insurance, agribusiness, and distribution demand and constrained new supply.
Asking Rent / SF
2016–2026Now $7.85 · +2.1% YoY
Vacancy Rate
2016–2026Now 7.0%
Net Absorption (12 mo)
2016–2026Now 253,570 SF
Annual figures through 2026 Q1. Source: CoStar Group, www.costar.com.
Market overview
As of 2026 Q1, Des Moines industrial vacancy stands at 7.0% with asking rents near $7.85/SF. The market absorbed 253,570 SF over the trailing year, and investment sale pricing implies roughly a 9.2% cap rate. Those are the figures that frame how we underwrite here.
Bluebird's read
A steadily growing market with insurance, agribusiness, and distribution demand and constrained new supply. Bluebird targets functional small-bay and IOS product here at a basis below replacement cost, with leasing and mark-to-market as the value-add levers.
Economy
- Population
- 763,221
- Total employment
- 411,609
- Industrial employment
- 48,410
- Median HH income
- $88,311
Key submarkets
- • Ankeny
- • Grimes
- • Altoona
- • West Des Moines
Representative tenants
- • Amazon
- • Nationwide
- • Wells Fargo
- • Kreg Tool
Explore other markets
Market data sourced from CoStar Group, www.costar.com (as of 2026 Q1); figures are point-in-time estimates and forecasts are not guarantees. Provided for informational purposes only and not an offer to sell securities. Past performance does not guarantee future results.
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