MINNEAPOLIS—The Twin Cities region has one of the healthiest economies in the US, with record-low unemployment and every expectation of further growth. As a result, optimism still reigns in the office sector, even as net absorption numbers began straying into negative territory about one year ago. The vacancy rate continues to hover under the historical average, and rents have also risen steadily. And although both the Minneapolis and St. Paul CBDs attract a lot of attention, brokers for well-located suburban properties also see tenants lining up to take space.
In the past 16 months, for example, nine new leases and renewals totaling nearly 500,000 square feet have been signed at Normandale Lake Office Park, the largest office property in the suburban Minneapolis-St. Paul market. The Cushman & Wakefield leasing team of Dan Gleason and Dan Nechanicky represent the building ownership of MetLife and Allstate in leasing the 1.7 million square foot, five-building office park in Bloomington, just south of I-494. The property recently welcomed three noteworthy new tenants, occupying 85,000 square feet, and six other larger tenants renewed their commitments.
“The tremendous activity at Normandale Lake Office Park is more proof that well-located, well-managed and amenity-rich properties in the suburbs are highly sought after by prospective tenants,” says Gleason, Cushman & Wakefield executive director. “In addition to its already robust amenity package, and thanks to a commitment to the property by MetLife and Allstate, Normandale now features updated common areas, a brand new fully staffed wellness center and another new fast-casual restaurant featuring pizzas, salads and sandwiches.”
The recent new tenants and renewals include: USI Insurance Services, (45,000 square feet); Gander Outdoors, (25,000 square feet); Coca-Cola, (15,000 square feet); Willis Towers Watson, (125,000 square feet); Schwan's Company, (80,000 square feet); Emerson, (50,000 square feet); Morgan Stanley, (20,000 square feet); Merrill Lynch, (18,000 square feet); and UBS, (18,000 square feet).
MINNEAPOLIS—The Twin Cities region has one of the healthiest economies in the US, with record-low unemployment and every expectation of further growth. As a result, optimism still reigns in the office sector, even as net absorption numbers began straying into negative territory about one year ago. The vacancy rate continues to hover under the historical average, and rents have also risen steadily. And although both the Minneapolis and St. Paul CBDs attract a lot of attention, brokers for well-located suburban properties also see tenants lining up to take space.
In the past 16 months, for example, nine new leases and renewals totaling nearly 500,000 square feet have been signed at Normandale Lake Office Park, the largest office property in the suburban Minneapolis-St. Paul market. The Cushman & Wakefield leasing team of Dan Gleason and Dan Nechanicky represent the building ownership of
“The tremendous activity at Normandale Lake Office Park is more proof that well-located, well-managed and amenity-rich properties in the suburbs are highly sought after by prospective tenants,” says Gleason, Cushman & Wakefield executive director. “In addition to its already robust amenity package, and thanks to a commitment to the property by
The recent new tenants and renewals include: USI Insurance Services, (45,000 square feet); Gander Outdoors, (25,000 square feet); Coca-Cola, (15,000 square feet); Willis
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Brian J. Rogal
Brian J. Rogal is a Chicago-based freelance writer with years of experience as an investigative reporter and editor, most notably at The Chicago Reporter, where he concentrated on housing issues. He also has written extensively on alternative energy and the payments card industry for national trade publications.
