Скачать или смотреть 2022 Cedar Rapids Metro INDUSTRIAL SUBMARKET Commercial Real Estate Report

— Industrial/Warehouse — Office — Retail — Land/Lot — Multifamily —
View available Cedar Rapids and Iowa City area commercial real estate properties for sale or lease at gldcommercial.com/properties.

Industrial submarket key takeaways —
• 2022 was another unprecedented year for new construction and leasing
• Demand, values and rental rates should begin to stabilize in 2023

ANALYSIS —
The figures contained herein focus on existing, or currently under
construction, industrial buildings including warehouse, flex, commercial and small shop properties. Non-competitive, owner-occupied, special-purpose manufacturing buildings do not accurately affect local vacancy or rental rates and are therefore excluded from this analysis.

MARKET OVERVIEW —
The Cedar Rapids industrial market consists of approx. 12,700,000
square feet (SF). Entering 2022, the vacancy rate was 0.71%, it fluctuated significantly throughout the year as new construction came online and large existing spaces (Gazette facility) were sold or leased. The 2022 industrial vacancy rate ultimately ended at 1.17%.

The average asking rental rate is $6.51/SF NNN which has steadily increased since the beginning of 2022 at $6.21/SF NNN. This increase is due to the cost of new construction, continued supply chain issues and lack of available second-generation space.

LOOKING AHEAD —
Following several robust years, industrial market demand, values
and rental rates should begin to level off and stabilize in 2023. Rising interest rates coupled with the potential for an economic recession will also slow the rate at which speculative new construction is being built.