Market Outlook
2024 Year End Office Update
Foreclosures and short sales remained common in the market across all building classes; including trophy properties such as Wells Fargo Center and the Ameriprise HQ selling at deeply discounted prices and 8500 Normandale Lakes going back to its lender. In many cases,...
2024 Year End Industrial Update
With strong positive net absorption in the 4th Quarter of 2024, the overall market vacancy rate dipped to 5.2%. Rental rates continue to trend upward, fueled by sustained demand and a slowdown in new construction relative to 2023, largely due to higher interest rates...
2024 Mid-Year Office Update
Foreclosures and short sales have become quite prevalent in the market as many owners have not been able to overcome higher interest rates combined with lower occupancy and lower demand. While there continues to be a trend toward more time in the office for...
2024 Mid-Year Industrial Update
As we enter the second half of 2024, the industrial market has softened, but remains fundamentally strong with a market-wide vacancy rate of 5.3%, a marginal increase from 4.9% at the end of 2023. Rental rate growth is moderating, but tenants that have not been in the...
2023 Mid Year Office and Industrial Update
The move to hybrid work and corporate downsizings has put significant pressure on building owners with Minneapolis having the highest rate of distressed properties in the country. With loans maturing, the recent rise in interest rates and building values decreasing,...
2016 Twin Cities Office Market Outlook
2016 Twin Cities Office Market Outlook The Twin Cities added 30,000 new jobs in 2015 lowering the unemployment rate to 3.7%, the lowest level in 15 years, well below the national average of 4.8%. Job growth in the health care and biosciences industries fueled office...
2016 Twin Cities Industrial Market Outlook
2016 Twin Cities Industrial Market Outlook The Twin Cities added 30,000 new jobs in 2015 lowering the unemployment rate to 3.7%, the lowest level in 15 years and well below the national average of 4.8%. Job growth in manufacturing fueled absorption of 3,670,000 SF....