Located minutes east of Des Moines, Altoona has quickly become a rising star of Iowa economic development—particularly for commercial real estate. Over the past decade, the City has become Iowa’s premier destination for shopping, dining and entertainment, drawing millions of visitors every year. Now, with prime retail space for lease, it’s the perfect time to discover retail opportunities in Altoona, Iowa.
In no particular order, here are the top 5 reasons to move your retail business to Altoona:
1: An Entertainment/Retail Destination
Altoona is home to some of Iowa’s biggest attractions, from the high-stakes fun of Prairie Meadows and the adrenaline rush of Adventureland Resort, to the shopping paradise of Outlets of Des Moines (the region’s only indoor-outdoor shopping center of its kind).
These attractions draw more than 4 million visitors per year, creating a trade surplus (spending by non-resident visitors) of approximately $384 million annually. That surplus increased by nearly 33% from 2015 to 2019 and represented 59% of the City’s annual retail sales.
Altoona’s total taxable sales add up to more $650,000,000 annually (a 49% increase from 2012). That’s because the visitors to Altoona (and the local residents) are spending more than the visitors and residents of other comparable communities. In fact, Altoona’s average sales per capita is more than double the peer group average and the State of Iowa’s sales.
With prime retail space for lease, a reputation as Iowa’s entertainment and retail destination, and a growing consumer base that’s outspending their peers by double, it’s easy to see why Altoona is the premier place for Iowa economic development.
2: Business-Friendly Climate
In addition to millions of annual visitors, retail businesses in Altoona benefit from the region’s low commercial property taxes and business-friendly leadership. This is another reason why businesses are seeking retail opportunities in the region.
3: Strategic Location
Located just minutes from Des Moines, Altoona benefits from its close proximity to a major city—without the hassle of doing business in the heart of downtown. Also, retail businesses benefit from our close proximity to several major interstates, including I-80, which makes it easier for shoppers and workers to get to your business.
As a retail business in Altoona, Iowa, you’ll easily find highly skilled and specialized workers. The greater Des Moines region is home to a workforce of more than 500,000 individuals, and more than 120,000 have attained high school graduate-level education or higher.
5: A Growing Local Consumer Base
In addition to the millions of annual visitors, more than 19,000 people currently live in Altoona. That’s an 85% increase since 2000. The population of Altoona continues to grow even faster than Polk County and the State of Iowa, largely due to the high quality of life and employment opportunities residents enjoy in Altoona.
A growing local population is always a good economic indicator for retail businesses, but Altoona’s population in particular is primed for spending. Consumers aged 25-64 do more spending than other consumers (about 60% of Altoona’s population is 18-64). Meanwhile, consumers aged 45-64 spend the most (more than 72% of Altoona’s population is over 18).
Is your business looking for commercial real estate in Iowa? Are you searching for retail space for lease and retail opportunities in Altoona, Iowa? With a strategic location just east of Des Moines, a business-friendly climate, a strong local workforce, a growing consumer base and a well-deserved reputation as Iowa’s entertainment and shopping destination, Altoona has just what you need to succeed.
Join the AltoonaNow movement today! Learn more about Altoona’s thriving retail scene or search for commercial retail space for lease in Altoona.