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Minneapolis St Paul Office Market Report Q3 2022

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Since the onset of the pandemic, most employers took a wait-and-see strategy hoping time would yield clarity. Two and half years later, visibility into the future of the office sector remains murky. Work-from-home has slowly shifted towards a hybrid work approach for most employers, though both phenomena have contributed to demand destruction of office space. Having run out of time, many companies are now downsizing their space requirements in favor of more expensive, higher-quality, amenity rich spaces. As a result, the supply of sublease space continues to rise, putting negative pressure on lease rates.


Minneapolis St Paul Office Market Report Q3 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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