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For example, the sum of EDS’ vacant sublease space in northwest suburban Des Moines, plus the addition of SuperValu and R.R. Donnelly space equals a tenant’s market. Beyond 2003 owners and developers will be challenged to find build-to-suit opportunities and determine the appropriate time to consider new spec buildings as vacancy levels decrease.

Development opportunities exist around the perimeter of Jordan Creek for specialty centers as larger, big box parcels are owned or optioned by local developers looking for the big anchor.Speculative development in other areas of the city will be slowed by the wait-and-see attitude that many developers are taking with Jordan Creek. This trend will create opportunities for savvy investors to purchase strip centers at below market prices and redevelop vacancies for possible alternative uses, such as office space or call centers. Growth opportunities will continue for years to come in the retail sector in and around Jordan Creek and also a planned, enclosed mall in Ames.

Thus, landlords will continue to adjust downward their expectations for deals on second-generation space. The result is that landlords are nervous for a retail market that could become over-stored after the addition of 2 million square feet at Jordan Creek.

The multifamily sector in the Des Moines area saw the addition of roughly 2,000 new units in 2002. Get extensive property melbourne conveyancing services to change the title of the residential or commercial properties from one to another at affordable prices.Out-of-state developers took advantage of financing opportunities to build higher end units, which accounted for the majority of new construction. Multifamily sales slowed from their 2001 pace due to lack of product and investors choosing to refinance versus sell.

As the realization of a new General Growth Mall (Fall 2004) in the western suburbs draws near, concern over the potential of losing anchors is causing increased scrutiny when underwriting suburban centers. The main challenge going forward for buyers is to find and correctly analyze the risk in a given investment property.