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NorthMarq Projects 3M-SF Twin Cities Absorption

MINNEAPOLIS-The region lost almost five million square feet of leases in 2009-10 across all property types, so this reversal is most welcome, according to the firm’s first-half 2011 report.

By Robert Carr | Updated on August 02, 2011

MINNEAPOLIS-The year 2005 was great for Minneapolis-St. Paul commercial real estate absorption; the 8.5 million square feet recorded was four times greater than the previous three years. However, the Twin Cities recorded almost five million square feet of negative absorption in 2009-10 – and is just now getting back on its feet.

The region this year has seen about 1.2 million square feet of positive absorption across office, retail, multifamily and industrial, according to a NorthMarq first half 2011 report. Mike Ohmes, EVP of brokerage services, tells GlobeSt.com that the region is on track to absorb about three million square feet, which would be the best showing since 2007 and the fourth-best absorption rate in 10 years. “We started finding the bottom last year,” Ohmes says. “There’s still a number of abundant space options.”

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