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Brokers See Improving Twin Cities Office Market

MINNEAPOLIS-After hitting a 10-year high vacancy rate, the office market should see some slight improvement between now and next summer.

By Jim McCartney | Updated on November 13, 2003

MINNEAPOLIS-More Twin Cities office space will be filled over the next year than will be vacated, according to a recent real estate forecast from two top brokers. That would be the first positive absorption for the market in three years.

Jim Damiani, VP in the office brokerage division of the Welsh Cos., predicted that more than 360,000 sf of office space would be absorbed over the 12 months in July 2004. Bob Revoir, senior associate at United Properties, estimated that more than 440,000 sf would be absorbed in that period.

“The worst is behind us,” Damiani says. Although the economy continues to struggle, the leasing for medical, mortgage, banking and title related firms has remained strong.

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