Influenced by changing demand and economic factors, the 2024 commercial real estate midyear market outlook shows an uptick in the Cedar Rapids metro industrial, suburban office and central business district (CBD) vacancy rates. Retail submarket sales and leases drove the vacancy rate down by the end of the second quarter, indicating steady consumer interest and strength.
A SAMPLE OF SIGNIFICANT TRANSACTIONS — ANNOUNCED, IN PROGRESS, COMPLETED OR TRADED
INDUSTRIAL
Announced — 76th Ave. & Edgewood Rd. SW, Cedar Rapids — $576 million Google data center
Announced — Wright Brothers Blvd. SW, Cedar Rapids — $21 million Airport Commercial Park warehouses
In Progress — 7708 6th St. SW, Cedar Rapids — 21,500 SF new Martin Equipment facility
In Progress — 8315 6th St. SW, Cedar Rapids — 60,000 SF speculative building
Listed — 3215 64th Ave. SW, Cedar Rapids — 203,840 SF warehouse for sale/lease in Edgewood Logistics Park
Leased — 1203 9th St. SW, Cedar Rapids — 36,048 SF leased to L & W Supply Corporation
OFFICE
Listed — 1 Parsons Dr., Hiawatha — 73,674 SF former GoDaddy building for sale or lease
Listed — 123 5th St. SE, Cedar Rapids — 32,256 SF ‘Palmer Building’/former ITC for sale or lease
Leased — 4200 C St. SW, #2, Cedar Rapids — 18,854 SF lease to Triton Inc.
Leased — 8315 6th St. SW, Cedar Rapids — 22,122 SF leased to Workspace (Storey Kenworthy)
Leased — 1125 Dina Ct., #B, Hiawatha — 9,002 SF leased to Corda Credit Union
Sold — 4056 Glass Rd. NE, Cedar Rapids — 6,161 SF building sold to an investor for use as a medical clinic
Sold — 4251 River Center Ct. NE, Cedar Rapids — 7,029 SF building sold to a medical clinic
Completed — 305 2nd Ave. SE, Cedar Rapids — $5.4 million renovation of the ‘Witwer Building’ for Foundation 2
RETAIL/SERVICE
In Progress — 787 Tower Terrace Rd., Marion — 10,000 SF Dollar Tree
Leased — 4840 1st Ave. NE, Cedar Rapids — 25,056 SF Harbor Freight Tools
Leased — 2811 Wiley Blvd., Bldg. 2, #600, Cedar Rapids — 8,932 SF Golden Apple buffet
Leased — 1107 7th Ave., #101, Marion — 3,712 SF The Eat Shop
Leased — 2811 Wiley Blvd., Bldg. 2, #700, Cedar Rapids — 6,386 SF Lighthouse Autism Center
Sold — 4444 1st Ave. SE, #3001, Cedar Rapids — 11,211 SF former Cloud Kitchen building
Sold — 4600 1st Ave. NE, Cedar Rapids — 146,278 SF former Sears store sold to Reserve Development
MULTIFAMILY
Announced — 2101 Maplewood Dr. NE, Cedar Rapids — former Garfield Elementary to be repurposed as multifamily housing
In Progress — Mt. Vernon Rd. & Dows Rd. SE, Cedar Rapids — $75 million Dows Farm ‘agri-community’ first phase underway with 120 housing units including a mix of multifamily, town houses and single family homes
In Progress — 3010 Center Point Rd. NE, Cedar Rapids — 4-story, 114 unit age-restricted apartment complex
Listed for sale — 2200 Buckingham Dr. NW, Cedar Rapids (Windsor on the River) — 424 unit apartment complex
SPECIAL PURPOSE/MIXED-USE
Announced — Edgewood Rd. NE, Cedar Rapids — Edgewood Pointe, a 29.52 acre mixed-use development
Announced — 1100 3rd St. SE, Cedar Rapids — NewBo City Market expansion to include a second level and grocery
In Progress — Highways 13 & 151, Marion — Holiday Inn Express and Suites to open by the end of 2024
In Progress — 900 3rd St. SE, Cedar Rapids — Loftus $36 million mixed-use development
Nearing Completion — 1218-1310 3rd St. SE, Cedar Rapids — Fulton Lofts $9.8 million mixed-use development
Contact us to discuss your questions regaring the 2023 midyear market outlook Cedar Rapids Metro or download the full 2023 annual market report here.