The Fleming Building is fully leased.
New apartment buildings Rocket Transfer, Fleming Building already at capacity
Published on July 25th, 2013 | by Ameena Rasheed
The Fleming Building and Rocket Transfer Lofts, two new apartment buildings that opened this June in downtown Des Moines, are already fully leased.
The Fleming Building at 218 Sixth Ave. in downtown Des Moines leased out its entire 96-unit building in less than two months since it opened on June 1, according to a press release from Nelson Construction Services. Rocket Transfer Lofts, located south of Martin Luther King Jr. Parkway in downtown Des Moines, which opened on June 30, leased its 58 units already, according to a press release from Hubbell Realty Company.
Downtown continues to be a popular place to live — the vacancy rate for the central business district, which includes downtown and the East Village, is 2.7 percent for 2013, according to a 2013 Commercial Appraisers of Iowa, Inc. CBRE|Hubbell Commercial survey of apartments in Des Moines.
Comparing the 2013 and 2012 years, the central business district, which includes everything south of I-235, east of Martin Luther King Parkway, north of Raccoon River including East Village to the State Capitol, vacancy rates slightly increased from 2.1 to 2.7 percent.
The highest vacancy rate in Des Moines is at 4.7 percent in the east area, which includes everything east and north of the Des Moines River, except for the central business district. In 2012, the vacancy rate in the east was at 5.7 percent. The south, which includes everything south of the Raccoon and Des Moines Rivers including Norwalk, saw vacancy rates decrease the largest from 7.0 percent to 4.6 percent in the past year.
The overall vacancy rate for apartments in Des Moines is 4.2 percent, which decreased from 5.3 percent in 2012. The survey also reported that the current vacancy rate is at its lowest level since 1994, where at the time it was around 3 percent.
Do you think that there are more opportunities for market rate apartment buildings in downtown Des Moines?