Big-Box and Minneapolis CBD Growth Creates Optimistic Outlook for 2018
The fourth quarter of 2017 ended with 160,000 square feet of absorption in the multi-tenant market, marking the highest absorption quarter in the last year and a half. The vacancy rate dropped to 6.08%, which is the lowest mark of the calendar year 2017. Year-to-date, the retail market ended with 93,000 square feet of absorption.
The largest positive change in absorption this quarter was attributed to Xperience Fitness who occupied a former Gordman’s vacancy in Roseville. Shops at Lyndale had 29,000 square feet of absorption, most of which was taken by Golf Galaxy. The closing of another Gander Mountain in Woodbury was the greatest negative absorption change.