Twin Cities office leasing market appears healthy despite numbers

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By the numbers, the Twin Cities office leasing market appears headed into a slump.

Vacancy rates are going up in office towers for the first time since the economic recovery started. Absorption, or the rate at which rentable office space is leased, is predicted to remain relatively flat.

But at the same time, tenants have started to sign longer leases. And rising rental rates have led some building owners to revamp their spaces as they compete for tenants. To several local real estate experts, those are signs enough that the office leasing market is…Read More>>>

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The downtown Minneapolis landscape is transforming

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Downtown Minneapolis is developing a multiple personality disorder, and that’s an overwhelmingly good thing.

At every corner of the city’s CBD, there’s more going on than a typical person can remember.

Continued interest in new development and redevelopment projects has spurred new growth, with entire districts with distinct personalities popping up where there had previously been underutilized properties or vacant land.

The result is that Minneapolis’ CBD is growing in size and attracting more people than ever before. Both in the commercial real estate world, and life in general, this isn’t the downtown previous generations were used to. Read More>>>

 

Minneapolis construction exceeds $1B for fourth-straight year

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A recent article in Twin Cities Business talks about the strong construction activity in Minneapolis.

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Cushman & Wakefield/NorthMarq’s Erik Ordway shares his thoughts about all the excitement, “These figures are continued validation that companies and their employees want to be downtown. There’s a renewed desire to live and work in the excitement of a burgeoning city. Which is why, for the first time in a while, there are new-construction office buildings underway. Companies have never had a better opportunity to get cool, new space and attract the top talent that lives downtown.”