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Minneapolis St Paul Office Market Report Q4 2022

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The true cost of WFH - declining building revenue may shift tax liability to homeowners.

As tax appraisals catch up with declining revenues and increasing cap rates, the taxes collected from commercial office buildings will decline. Those shortages, more than likely, will then be passed on to residential homeowners. The I-394 Corridor, the Northwest, and Midway each posted positive absorption. Year to date, the I-394 Corridor, Midway, and the St. Paul CBD are the only submarkets to witness overall positive absorption.

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Minneapolis St Paul Office 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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