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Regional Summaries

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Minneapolis, MN

Apartment
Vacancy remains at a rock-bottom level in the 169,360-unit Minneapolis-St. Paul apartment market. The rate was 3.2% in April as the 981 units completing construction to that point in 2017 exceeded the 767 units absorbed, but the bigger picture is a rate in the vicinity of 3.0% for the past six years. Rent gains have moderated after years of increases in excess of income gains. In the first quarter of 2017, the average asking rent increased 0.7% to $1,202 per month, but the average effective rent increased just 0.3% to $1,161 per month. The April increases were 0.4% and 0.3%, respectively. VIEW APARTMENT LISTINGS >
Industrial
The 149.7-million-square-foot Minneapolis warehouse/distribution space market remained active in early 2017, with 253,000 square feet of new supply and 594,000 square feet of net absorption through April. The 10.8% vacancy rate that month was down 30 basis points year-to-date. The average asking rent increased 0.5% over the quarter to $6.02 psf, with the average effective rent up 0.4% to $5.28 psf. A gain of 0.2% by both measures followed in April. The 59.2-million-square-foot Minneapolis Flex/R&D space market is unusually large and active. The April 2017 vacancy rate was 13.2%, down 10 basis points year-to-date. The average asking rent increased 0.4% during the first quarter to $8.14 psf, with the average effective rent up 0.4% to $7.11 psf. A gain of 0.1% by both measures followed in April. VIEW INDUSTRIAL LISTINGS >
Office
The 79.2-million-square-foot general purpose, multi-tenant Minneapolis office market vacancy rate was up 60 basis points from the end of 2016 to 16.4% in April 2017. Rent gains halted in the fourth quarter of 2016 and remain stuck. In the first quarter of 2017, the average asking rent fell a penny to $23.01 psf, and the average effective rent slipped two cents to $17.74 psf. The asking average slipped another penny in April. VIEW OFFICE LISTINGS >
Retail
The 34.3-million-square-foot Minneapolis community-neighborhood shopping center market has stalled, with net absorption close to zero for the period beginning in mid-2016. In April 2017, the vacancy rate was 11.1%, unchanged year-to-date. In the first quarter, the average asking rent fell 0.5% to $19.00 psf, with the average effective rent down 0.4% to $16.49 psf. Gains of 0.2% and 0.1% followed in April. VIEW RETAIL LISTINGS >

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Source: Data provided by Reis, inc.

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