– 2022 MIDYEAR MARKET OUTLOOK –
Cedar Rapids Metro Commercial Real Estate
The 2022 midyear commercial real estate market outlook details the square footage (SF) breakdown, vacancy and average per square foot (PSF) rental rates as well as a sample of significant transactions announced or completed per commercial submarket.
INDUSTRIAL
Leased — 3350 10th Street SW, Cedar Rapids — 81,000 SF leased to a big-box retailer
Leased — 1201 Continental Place NE, Cedar Rapids — 100,000 SF leased to Global Filter
Sold — 4700 Bowling Street SW, Cedar Rapids — 198,884 SF sold to Raining Rose
Nearing completion — 3215 64th Avenue SW, Cedar Rapids — 203,840 SF inaugural building in Edgewood Logistics Park
Announced — 10015 Sixth Street SW, Cedar Rapids — 400,000 SF light manufacturing facility to be built for Sub-Zero
OFFICE
Sold — 4201 River Center Court NE, Cedar Rapids — 15,876 vacant office building sold for $1,710,000
Sold — 4415 N. River Boulevard NE, Cedar Rapids — 233,000 SF former TransAmerica campus sold at auction
Listed — 222 3rd Street SE, Cedar Rapids — 101,302 SF former Guaranty Bank building, Old World Theater, Dragon Restaurant and parking lot available for redevelopment
RETAIL/SERVICE
Sold — 2120 Edgewood Road SW, Cedar Rapids — 35,346 SF investment property Top Shape Gym sold for $2,775,000
Nearing completion — 1140 Blairs Ferry Road NE, Cedar Rapids — 7,782 SF redevelopment of former Chrome Horse, leased to Dunn Brothers Coffee, The Good Feet Store and El Bajio Mexican restaurant
MULTIFAMILY/MIXED-USE
Note — Over 2,000 multifamily units are either in progress or have been announced throughout the Cedar Rapids metro over the last two quarters
In progress — 1953 First Avenue SE, Cedar Rapids — 48 multifamily units in two buildings with underground parking and a pool — $22,000,000 development
In progress — 3100 10th Avenue, Marion — Green Park Apartments consisting of 147 multifamily units in two buildings with a dog park, pickleball courts and a firepit area — $25,000,000 development
Announced — 900 3rd Street SE, Cedar Rapids — The Loftus Project — 11,000 SF commercial space and 186 multifamily units — a $36,000,000 development
In progress — 1st Avenue & 1st Street SW, Cedar Rapids — First & First West — a mix of restaurants, housing, hotel rooms, Big Grove Brewery, a pickleball court and more — $81,500,000 development
Nearing partial completion — 1107 7th Avenue, Marion — Broad and Main — the first building (summer 2022) includes 1st-floor commercial space with 39 multifamily units on the 2nd and 3rd floors. The second building will have 42 multifamily units — $29,000,000 development
Read more in the news:
The Gazette — Raining Rose purchases Color Web Printers facility
The Gazette — Edgewood Logistics Park to break ground next month on 200,000-square-foot-facility
Corridor Business Journal — Sub-Zero proposes $140.6 million facility in southwest Cedar Rapids
Corridor Business Journal — Former Transamerica site sold in auction
The Gazette — For sale: Cedar Rapids’ Guaranty Bank building redevelopment ‘not on the horizon‘
Iowa’s News Now – CBS (KGAN) — Former Chrome Horse Saloon location to be split into four subunits
The Gazette — Green Park Apartments break ground at former Marion YMCA site
The Gazette — Cedar Rapids developer seeks incentives to turn Loftus Lumber site into $36M mixed-use project
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