"Retail in the Twin Cities isn't booming, contrary to what's being reported," said Russ McGinty, SVP of Madison Marquette, at Real Estate Media's second annual RealShare Minneapolis this week, kicking off a panel discussion on the area's retail market moderated by Howard Paster, development manager of Paster Enterprises. "It isn't skyrocketing," he continued. "It's just healthy, especially when compared to the office and industrial sectors, even with multifamily."

Retail growth is following rooftops, growth in the metro area that McGinty characterizes as unique, "since it's going in every direction. There are nice pockets of housing everywhere, so retail responds to that. It's demand-driven, so it's healthy growth."

Robert Pounds, SVP at the Welsh Cos., told the roomful of area commercial real estate professionals at the conference that "retail is strong here for a number of reasons. It's hard to even remember the last time there were double-digit vacancy rates in retail. Also, development is brisk, but it's controlled. Developers can capture the rents they need to make the projects work, so it isn't irrational development," he said.