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Minneapolis St Paul Industrial Market Report Q4 2022

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Amidst recession, landlords seek insulation by reverting to longer lease terms.

In the face of a shallow recession, the industrial real estate market in the Minneapolis-St. Paul metro is making slow steps toward a buyers’ and tenants’ market. Tenant demand for small to mid-sized warehouse-distribution spaces continue to exceed supply, but headwinds including labor stagnation, rising interest rates, and reduced demand from large users are swaying the market away from the constant growth of the last two years and putting tenants in stronger positions to negotiate lease terms.


Search Image  22Q4 Industrial

Minneapolis St Paul Industrial Market Report Q4 2022

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Jeremy Jacobs

Managing Director/Market Leader

Minneapolis - St. Paul

I began my career as on Active Duty in the United States Army (2006-2011).  I spent nearly five years as a Judge Advocate General (attorney), an experience that was highlighted by a deployment to Iraq in 2008.  I also spent time practicing as a Tax Attorney, Contract & Fiscal Law Attorney, Administrative Attorney and completed my tenure in the Army as a prosecutor.  

Over the past 8 years, while with Ryan Companies (2011 - 2015) followed by Mortenson Development, Inc. (2015 - 2019), I supported and then led a number of developments across the Twin Cities and Greater Minnesota.  The seminal achievement of my development career was leading the development of One Discovery Square, the first phase of a Life Science district in Rochester, Minnesota, which was done in collaboration with Mayo Clinic, the University of Minnesota Rochester, Epic Medical Records, and a variety of other commercial partners.  The District is described as the economic engine of the Destination Medical Center, a $585M public-private partnership -- the largest such partnership in Minnesota's history.

I employ a people-first, servant-leader approach. I believe in the value of collaboration and strong teams, in peer accountability, and in the power of leveraging insight to the benefit of our client's businesses.

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