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Space Demand Should Pick Up With Economy

MINNEAPOLIS-Jobs are on the rebound in the Twin Cities both among office workers and manufacturing, boding well for the office and industrial markets, according to a new report from Northstar Partners.

By Jim McCartney | Updated on August 27, 2004

MINNEAPOLIS-The turnaround for the Twin Cities office and industrial markets is in the offing if the latest economic and job numbers are any indication. Demand for office and industrial space is lagging the local economy, which continues to show signs of new strength, according to a new market report from Northstar Partners, the Twin Cities affiliate of Cushman & Wakefield.

But it’s only a matter of time before demand for space catches up with the need for it. Employment growth has been accelerating since October 2003. Results of a survey conducted by the Federal Reserve Bank of Minneapolis indicate optimism is high in the region with 68% of the respondents saying they expect business investment in the Twin Cities metro area to increase in 2004 and 49% indicating employment would increase during the year.

According to the Institute for Supply Management and Creighton University, the Purchasing Managers’ Index for June was at 68.5% in Minnesota and 61.1% in the US. An index above 50% indicates that the manufacturing sector of the economy is expanding. The index has been increasing for seven consecutive months in Minnesota.

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