Commercial Real Estate Market Update Q4 2018
The industrial market as a whole finished the year strong with just over 1.9M SF of net absorption. The industrial vacancy rate typically stays at least 100 basis points below the national average thanks to solid absorption and a dearth of speculative construction, although developers are starting to regain confidence and several of the projects that are underway have significant availabilities. Activity in 2018 was strong, putting it among the best years of this cycle. From CoStar
Although the Twin Cities office market continues to see tenants rightsizing their space, solid leasing activity was posted in the second half of 2018, resulting in nearly 600,000 square feet of absorption for the year. Some of the metro’s strongest-performing pockets include the North Loop in downtown Minneapolis, which is attracting tenants that want to be near transit, trendy bars, restaurants and apartments, and the West End area around Interstate 394 and Highway 100 in St. Louis Park and Golden Valley.
Why You Need a Tenant Rep
The Landlord Broker ALWAYS works for the Landlord
The goal of any landlord is to maximize the income that they make from renting their units. When you get to the negotiating table, you need someone who knows the Minnesota commercial real estate market inside and out looking after your interests. Otherwise, you can’t be certain that you’re receiving a fair deal.
You Can’t See or Get Into Every Property
Often times, office spaces in highly desirable buildings and locations within a city fill up before the property is even advertised as being available. If you don’t have a Minneapois tenant rep broker who can get you in the door at places that are newly vacant, you could miss out on great opportunities in your area.
You Have Enough to Do
If you truly want to get the best space for your business needs and your budget, you need to invest plenty of hours familiarizing yourself with the market and searching through listings to find properties that are a good match. A tenant rep broker will take over the responsibilities for you, so you can focus on running and growing your business, not following the commercial real estate market.