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Minneapolis-ST. Paul, MN : Retail Snapshot - Q2 2014

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Minneapolis-ST. Paul, MN : Retail Snapshot - Q2 2014

In the month of May, the state’s unemployment rate was 4.2%, still lower than the national rate of 6.1%. The 45,617 new jobs year-over-year was an increase of 1.6% but below the U.S. annual growth of 1.8%.

After a very strong 2013, the retail market in the Twin Cities held steady in the first half of 2014. The direct vacancy rate remained flat at 7.2%, despite more than 122,000 square feet (sf) of direct negative absorption. The negative absorption was attributed to properties vacating tenants to make way for new deals in the second half of 2014 and others opening in 2015. Average net rental rates saw a slight decrease from $27.60 per square foot (psf) to $27.36 psf.

Source : Cushman & Wakefield

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