Des Moines Office Figures Q3 2026

From Q1 2025 through Q3 2026, occupancy improved as vacancy and availability declined amid mostly positive net absorption and no new supply. Vacancy fell 30 basis points from 13.6% in Q2 2026 to 13.3% in Q3 2026.

Net absorption totaled 149,000 sq. ft. in the quarter, lowering vacancy to 13.3% and availability to 14.6%, while average asking rents held at $20.66 per sq. ft., in line with Q2 2026. With no space under construction and no deliveries in Q3 2026, conditions reflected reliance on existing inventory rather than new supply.

In Q3 2026, leasing activity was moderate and showed some improvement over earlier 2026 readings. Tenants committed to 220,000 sq. ft. in Q3 2026, up from 100,000 sq. ft. in Q2 2026 and close to the 230,000 sq. ft. recorded in Q1 2026. While demand in Q3 2026 remained below the Q2 2025 peak of 680,000 sq. ft., it was stronger than the weakest points of 2024, suggesting that leasing conditions continued to stabilize compared with the more volatile quarters of 2024 and early 2025.