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235
Avg. Annual Five-Year HH Chg.* 1.6% 1.0%
Des
Des Moines
Moines
Median Household Income $56,819 $51,680
65 Employment 341,755 140,176,643
69
1,200
been relatively consistent, averaging 625,000 square feet per year.
900 After adding 680,000 square feet to the market last year, retail
developers are projected to bring another 600,000 square feet
600 online by year-end 2007, expanding inventory by 2.5 percent.
$14
Average Asking Rent 10% ◆ Slower absorption rates, coupled with elevated construction, have
Vacancy
pushed vacancy higher over the past 12 months. During this time,
$13 9% vacancy has climbed 20 basis points to 8.3 percent after rising 30
Vacancy Rate
however, investors will still receive competitive bids for listed prop-
$140 erties. Deal flow over the past 12 months has remained healthy,
despite the economic slowdown and softer consumer spending.
$120
◆ In light of the onset of the recent credit crunch, values have edged
$100 lower in 2007, as sellers have adjusted their price expectations to
avoid extended marketing times. Currently, the median price is
$80 $143 per square foot, down 1 percent from year-end 2006.
03 04 05 06 07*
* Trailing 12 Months Ended September 30
Sources: Marcus & Millichap Research Services, CoStar Group, Inc. ◆ Although cap rates have compressed in recent years, they are still
high enough to attract out-of-state buyers. Cap rates are currently
in the mid- to high-7 percent range and are expected to push high-
er over the next year as price appreciation subsides.