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Minneapolis Gets 3M SF of Retail

MINNEAPOLIS-The Twin Cities retail market will see some 2.9 million sf in new retail construction this year.

By Jim McCartney | Updated on August 03, 2005

MINNEAPOLIS-The Twin Cities retail market will post a record 2.9 million sf of new construction this year, up nearly 30% over last years new construction, and developers may well set another record next year as well, according to a report issued Tuesday by United Properties.

Nearly one million sf of new construction was completed the first half of the year, and developers are racing to deliver the balance in time for the holiday retail-shopping season. The previous one-year retail construction high-water mark was set in 2003 when 2.2 million sf of space was completed.

The retail market recorded more than one million sf of positive absorption the first half of 2005, most due to pre-leased new construction delivered in the first half of the year. Overall vacancy declined 0.5 percentage points to 7.3%.

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