Regional Summaries

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Minneapolis, MN

Vacancy remains low in the 172,460-unit Minneapolis-St. Paul apartment market, even as a new supply boom peaks. As of October 2017, nearly 3,600 units had been added year-to-date, but with more than 3,000 units of net absorption through that month, the vacancy rate was up just 30 basis points to 3.7%. Average rents continue to rise faster than average incomes. In October, the average asking rent was $1,248 per month, up 4.3% year-to-date, and the average effective rent was $1,203 per month, up 3.7%. VIEW APARTMENT LISTINGS >
Net absorption is expected to exceed 2 million square feet for the third consecutive year in 2017 in the 150.5-million-square-foot Minneapolis warehouse/distribution space market. The total through October was 1.97 million square feet absorbed, with 1 million square feet of new space added. The October vacancy rate was 10.0%, down 70 basis points year-to-date. The average asking rent was $6.10 psf that month, up 1.5% year-to-date, with the average effective rent at $5.36 psf, up 1.8%. The 59.4-million-square-foot Minneapolis Flex/R&D space is also getting some development, with 189,000 square feet of new supply for 2017 through October and 309,000 square feet under construction. The October vacancy rate was 12.8%, down 40 basis points year-to-date, thanks to 508,000 square feet of net absorption, a strong showing for demand. The average asking rent was up 1.9% year-to-date to $8.23 psf in October, with the average effective rent up 1.9% to $7.21 psf. VIEW INDUSTRIAL LISTINGS >
Net absorption continues to be negative in the 79.6-million-square-foot general purpose, multi-tenant Minneapolis office market, as tenants continue to relocate to owner-occupied space. Net absorption totaled minus 589,000 square feet for 2017 through October, while 192,000 square feet of multi-tenant space completed construction. The October vacancy rate was 17.2%, up 100 basis points year-to-date. Rents are affordable compared with other booming markets and are edging down. As of October 2017, average rents were down 0.4% year-to-date by both measures, to $22.97 psf asking and $17.71 psf effective. VIEW OFFICE LISTINGS >
The 34.3-million-square-foot Minneapolis community-neighborhood shopping center market has added no new space in 2017 through October, but net absorption totaled 135,000 square feet year-to-date, and the vacancy rate is down 40 basis points to 10.7% that month. As of October, the average asking rent for this type of space was only $19.08 psf, down 0.1% year-to-date, and the average effective rent was $16.57 psf, up 0.1%. VIEW RETAIL LISTINGS >

Source: Data provided by Reis, inc.

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