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Q1 2021 Office Market Report Minneapolis St Paul

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The Minneapolis-St Paul office market experienced its first significant pandemic-related tenant contraction in the first quarter of 2021, losing nearly a million square feet of tenancy across the market. That said, most of what has essentially been only fiscally occupied space has seen rent collection remaining relatively strong given the circumstances. Though hard to measure, physical occupancy has been bleak both in the Minneapolis-St. Paul market and across the nation. Many companies are now faced with the question of when, how and whether to fully return to work as they gradually have been bringing workers back to the office.


Q1 2021 Office Market Report Minneapolis St Paul

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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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