Most of the challenges facing the local construction industry are issues that builders and developers can’t control or resolve on their own, but Hubbell Homes’ Rick Tollakson says that’s no reason to get frustrated.
Hubbell Realty Co. has sold two of its multifamily projects in the Bridge District townhouse and apartment development located east of the Des Moines River and north of Des Moines’ popular East Village district, Polk County real estate transactions show.
Residential vacancy rates in downtown Des Moines were back to a healthier 7% in the third quarter of 2021 after a minor rise to 9.5% in the first quarter of 2020, according to CBRE l Hubbell Commercial, which tracks the market.
The 2021 Q3 Office report from CBRE | Hubbell Commercial has been released, showing that sublease activity is climbing, meanwhile user activity remains largely unstalled.
The vacancy rate of the 36,522 apartment units surveyed was 4.2% in the quarter that ended Sept. 30. The vacancy rate has fallen more than 2 percentage points from the first quarter’s rate of 6.3%.
Construction has started on the first phase of a development in northeast Des Moines that is expected to add over 1 million square feet of Class A industrial space to the area.
