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Q4 2021 Retail Market Report Minneapolis St Paul

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2021 ended on a high note for retail product in the Minneapolis-St. Paul metro area with 646,000 square feet of positively absorbed space in the 4th quarter. Vacancy also dropped from last year (9.2%) and the third quarter of 2021 (8.8%). Delivery of new supply slowed in the 4th quarter, however new product under construction has seen an uptick to buoy the slow-down amidst supply chain constraints, pointing to continued growth of new occupiers and newly developed space in the coming year. Rents have remained stable across product types and that looks to continue into 2022.

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Q4 2021 Retail 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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