Archive for April, 2012
Minneapolis Market Update April 2012
The Minnesota Commercial Association of Realtors recently published their annual market report. The market continues to experience positive absorption in both office (1.1M positive) and industrial (1.3M positive). Vacancy rates are declining and rents are starting to increase. Below is a summary:
Office- 1.1M positive absorption
Market Vacancy Rate- 16.2%
Minneapolis CBD- 14.3% (Class A 9.2%)
West Metro- 15.3% (Class A 10.3%)
St Paul CBD- 22.4% (Class A 15.9%)
Industrial 1.3M positive absorption
Market Vacancy Rate- 11.8%
Northwest Metro- 10.6%
Southwest Metro- 13.2%
East/NorthEast Metro- 9.5%
Office vacancy remains high while industrial is moving toward a healthy market. Office is a direct correlation to the jobs market while industrial shows production and consumption is increasing.