Minneapolis-St. Paul industrial market report
Q1 2022
Inventory growth
The Twin Cities regional economy has rebounded sharply from the effects of the pandemic with unemployment at 3.5 percent as of August 2021.
Net absorption
Net absorption has remained positive over the past seven quarters, with Q1 2022 being the second highest period over this stretch.
Total vacancy
Even with the addition of new space coming to market, increasing demand for space has driven total vacancy down to 3.9%. Vacancy has dropped every quarter since Q3 2020.
Direct available space
The amount of available space on the market is at its lowest point since Q1 2018, even while total inventory levels have grown 4.9%.
Investment volume
Industrial investment sales topped out well over $300M, setting a pace for the year that would even exceed the monumental sum reached in 2021 of over $1B.
Asking rates
Average asking rates across the market have never been higher. Until demand cools or inventory levels catch up, we can expect this number to continue to rise.
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