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Northwest Suburban Office Vacancies at 14.2%

MAPLE GROVE, MN-The vacancy rate climbs to 15.7% when all of the sublease space is factored, according to a new Twin Cities market analysis by United Properties. Class C vacancies are at 29.2%.

By Jim McCartney | Updated on December 07, 2001

MAPLE GROVE, MN-In the Twin Cities’ northwest suburban office market, strong demand inthe Maple Grove, MN, area helped offset continuedweakness in Brooklyn Center, MN and Brooklyn Park, MN properties, according to a new TwinCities market report from United Properties.

Vacancy rates in the northwest submarket are rising andlikely to hit 14.2% at year-end, up from 13.3%at mid-year. That rate goes to 15.7% if all of the sublease space is considered, the report notes.

The absorption was a negative 17,887 sf for the year despite no significant newdevelopment coming online. Even so,rental rates have stayed steady across all propertyclasses, according to the report.

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