Industrial Market Continues Positive Absorption Trend, Vacancy Rate Continues to Drop
The Minneapolis-St. Paul multi-tenant industrial market ended 2019 on a slower pace than it started. The vacancy rate slowed from Q3 to 6.5%, likely due to increased construction, while the total absorption for Q4 came in at 316,801 total square feet, bringing the 2019 total to 1,902,711 square feet. Sticking to the trend we’ve seen year-over-year, Q4 of 2019 saw an increase from this same time last year, with the year-end totals of 2019 outperforming that of 2018. Much of the absorption in 2019 came from the West/Northwest submarket, with the others trailing not far behind.