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Q1 Office Market Improves

MINNEAPOLIS-According the most recent Grubb & Ellis/Northco report, the Twin Cities office market vacancy rate dipped to 18.3%. Tenants exiting class C buildings for better space at lower rates in class A and B buildings.

By Jim McCartney | Updated on May 09, 2005

MINNEAPOLIS-The Twin Cities is in “full recovery” after posting its second quarter of positive absorption and lower vacancy rates, according to a first quarter survey by the Twin Citeis office of Grubb & Ellis/Northco Real Estate Services.

The commercial real estate firm’s first-quarter survey said that 483,018 sf of Twin Cities office space were absorbed in the first quarter, lowering the vacancy rate by 1.3 points to 18.3%. Class A buildings absorbed 209,582 sf, class B sopped up an additional 392,866 sf, but that was offset by rising empty space in class C buildings, which are losing tenants as business upgrade to take advantage of lower rents in nicer facilities.

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