Q1 2019 Industrial Market Report | Minneapolis-St. Paul

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NEW CONSTRUCTION LEADS TO VACANCY READY TO BE SEIZED

INDUSTRIAL REPORT HIGHLIGHTS

• The multi-tenant industrial market started off at a quick pace in the first quarter of 2019, with the quarter ending in 600,000 square feet of positive absorption.

• Increased absorption can be linked to the recent delivery of new construction, which has in turn increased vacancy rates metro-wide in the Twin Cities industrial market, from 6.6% in Q4 2018 to 7%.

• The Airport/South of the River and the Southwest submarkets had the highest increase in vacancy rates in Q1 which is directly tied to current empty square footage of new construction and tenants vacating multi-tenant buildings for new build-to-suit options.

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Q1 2019 Industrial Market Report | Minneapolis-St. Paul

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