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Q4 2021 Industrial Market Report Minneapolis St Paul

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21Q4 Industrial Market Report - Minneapolis-St. Paul

The 4th quarter of 2021 saw continued growth of the industrial sector. With over 3 million square feet of positive absorption, vacancy rates continue to push to a new low as developers struggle to keep up with demand. Supply chain issues continue to restrict new supply as the economy pushes back from the newest Covid-19 variant. Among notable completions is Amazon, bringing to market over a million square feet of new product.

Demand continuing to outstrip supply continues to put Landlords in the transaction driver’s seat. While developers are moving quickly to address supply concerns, including a number of new market entrants, we do not anticipate a significant correction of the supply-demand imbalance in 2022. With tenants continuously looking to find space, landlords can raise rents as demand rages and developers struggle to keep up due to supply chain constraints. Higher finish properties are seeing less demand with more office space as the lower finish bulk or showroom product rents continue to tick upward.


21Q4 Industrial Market Report - Minneapolis-St. Paul

Q4 2021 Industrial 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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