Midyear Market Outlook Cedar Rapids Metro

The 2023 midyear market outlook for the Cedar Rapids metro brings continued low vacancy in the industrial submarket, with stable vacancy in the central business district (CBD) office and retail markets and continued growth in the suburban office market vacancy.

Market outlook Cedar Rapids graph for vacancy by submarket for industrial, CBD and suburban office and retail/service

Market Outlook Cedar Rapids graphs showing the average asking rental rates per square foot and the square footage per submarket category



Sold — 1925 Blairs Ferry Road NE, Cedar Rapids — 21,184 former Rexco Equipment building

Leased — 999 Enterprise Drive, Marion — 52,300 SF leased to Fosters Kraus and Ohio Transmission Corporation

Leased — 5515 4th Street Court SW, Cedar Rapids — 30,000 SF leased to White Cap

Sold — 1203 & 1204 9th Street SW, Cedar Rapids — 55,728 SF vacant building sold to an investor

Companies expanding their footprint — International Paper, Conveyor Engineering & Manufacturing, World Class Industries and Lil’ Drug Store


Sold — 222 3rd Street SE, Cedar Rapids — Guaranty Bank, World Theatre and Dragon Restaurant sold as an adaptive reuse for boutique hotel conversion or housing

Announced — 116 Sixth Street SE, Cedar Rapids — 34,000 SF Cedar Rapids Bank & Trust second office building

Sold — 201 1st Avenue SE, Cedar Rapids — 10,160 SF investment property with Barrel House as anchor tenant

Leased — 512 3rd Street SE, Cedar Rapids — 16,800 SF former Gazette building leased to Shuttleworth & Ingersoll


Sold — 4444 1st Avenue NE, Cedar Rapids — 732,666 SF Lindale Mall sold to an investment group for $28.5 million

Sold — 1200 Collins Road NE, Cedar Rapids — 187,000 SF Marriott hotel sold at auction

Sold — 1900 Dodge Road NE, Cedar Rapids — 47,650 SF Residence Inn hotel sold at auction

Leased — 2360 Edgewood Road SW, Cedar Rapids — 2,774 SF Napoli’s, 2,388 SF Mi Pho and 2,056
SF Metro Infusion

Leased — 2380 Edgewood Road SW, Cedar Rapids — 5,638 SF RNR Tire, 4,512 SF Slager Appliance and 1,500 SF Jersey Mike’s


Announced — 3851 River Ridge Drive NE, Cedar Rapids — 104 multifamily units on the 2nd through 4th floors with 1st-floor enclosed parking — $18,500,000 development

Announced — 116 16th Avenue SE, Cedar Rapids (Vesnice) —85 multifamily units with roof and garden terraces — $23,700,000 development

In Progress — 100 Boyson Road, Hiawatha (The Crossing on Boyson) — 196 luxury apartment homes in seven 28-unit buildings


Sold — 850 Twixt Town Road NE, Cedar Rapids — former Perfect Game USA facility sold for $1,350,000

Leased & Build-to-Suit — 3010 64th Avenue SW, Cedar RapidsVernon Transportation Company tank wash facility

Announced — 3301 Armar Drive, MarionUnityPoint St. Luke’s emergency department

Announced — 3701 Katz Drive, MarionMercy Hospital emergency department

Announced — 501 1st Street SE, Cedar RapidsCity View Community High School

Contact us to discuss your questions regarding the 2023 midyear market outlook Cedar Rapids Metro or your commercial real estate requirements.

Search available Cedar Rapids warehouse/industrial, office, retail, land and multifamily opportunities.

Disclaimer – Real estate data herein was acquired through the Cedar Rapids Area Association of Realtors MLS, Cedar Rapids Assessor, Linn County Assessor and local media outlets. All information furnished in this report is obtained from sources deemed in our opinion to be reliable but not guaranteed. Transactions in bold through the market outlook denotes GLD Commercial team member involvement.