A commercial office market in the midwest has received mixed news in relation to the commercial office market after an interesting few months.
Mixed fortunes have been recorded for Minnesota office space, with the North Star State still looking to fill large office vacancies in the commercial property market despite deals being completed elsewhere.
Although there have been significant developments which have seen $152.9 million of Minnesota office space deals agreed, the state still has office vacancies.
As expected, the twin cities have seen major deals take place which have cemented their reputation as the focal point of the Minnesota office market.
Last year the Minneapolis-St Paul axis bought in $2.27 billion according to Real Capital Analytics’ report about the state of the Minnesota office market in 2011. This was an annual increase of more than 70% and saw the twi cities move back into the fore once more following a relatively quiet few years.
Dan Fasulo of Real Capital Analytics said: “If you’re talking about buying a vacant office building in downtown Minneapolis, you’re not going to find any debt capital for something like that right now.”