Q3 2021 Office Market Report Minneapolis St Paul

A return to positive absorption nationally as well as in the Twin Cities is good news for an otherwise inactive year. Though the Twin Cities has seen negative 800k sf in negative absorption year to date, 2nd and now 3rd quarter have not seen any more decline overall and were in fact positive, totaling ~60K sf for 2nd and 3rd quarter combined. The Delta variant has tempered the heighted leasing activity we saw in late June and July and delayed space decision making again for many. Minneapolis CBD direct vacancy reached 13.92% while it remains at 11.76% in St. Paul CBD. The 494 and 394 corridors have remained near 10 and 11 percent respectively.

Q3 2021 Office Market Report Minneapolis St Paul

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Jeremy Jacobs

Managing Director/Market Leader

Minneapolis - St. Paul

+1 952 897 7778

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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