Q2-2022 Industrial Market Update
Total Inventory: 269,000,289 sf
Total # of Buildings: 3,090
Absorption: 1,391,072 sf
Asking Rate Low: $6.94 NNN
Asking Rate High: $10.47 NNN
Under Construction: 7,156,531 sf
Total Inventory: 141,931,509 sf
Total # of Buildings: 1,746
Asking Rate Low: $6.94
Asking Rate High: $10.57
MPLS-ST. PAUL AREA EMPLOYMENT STATS:
At the close of Q2 2022, the market experienced over 2.8 msf of leasing activity in 202 transactions with Clark Equipment leasing the largest space of 225,000 sf in the Northwest market. The Northeast market shows the lowest vacancy rate of 2.7% while the West market is at the top with 5.0% for all properties. The Northwest market tops all markets with 566,000 sf positive absorption led by Alridge Electric leasing 150,000 sf. The top single changes were both in the Southeast market for the new delivery of the SICK building with 185,000 sf and Shop Jimmy vacating 140,000 sf. The West market shows (117,000) sf negative absorption led by Preferred One vacating 87,000 sf. Ninety four properties sold totaling 4.4 msf for $442 million.
Q2-2022 Industrial Market Report created by Minnesota Commercial Real Estate Association. For more information you can reach them at: www.mncar.org
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