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Twin Cities Market Shows Q1 Gains

MINNEAPOLIS-A new report from Colliers Turley Martin Tucker says the metro area's office market absorbed about 350,000 sf during the first quarter lowering the vacancy rate to 18.1%; Dakota County's office market posted the strongest gains.

By Jim McCartney | Updated on April 20, 2005

MINNEAPOLIS-Most sectors of the Twin Cities commercial real estate market made steady gains during the first quarter of 2005, according to report released this week by Colliers Turley Martin Tucker.

Overall, the metro area’s office market absorbed 350,157 sf during the first quarter, dropping the vacancy rate to 18.1%–down a bit from 18.2% in the previous quarter. Subleased space was up 200,000 sf in the quarter, but much of that had short terms left on their lease.

Dakota County’s office market posted the strongest gains, dropping its vacancy rate to 7.6%, down from 12.6% in the fourth quarter. Dakota absorbed some 119,000 sf so far this year.

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