Seeing a bright future in the Twin Cities
May 12, 2010 | Dan Rafter | Print Article | Email this Article
I interviewed Solomon Poretsky earlier this week about the general health of the commercial real estate market in the Minneapolis/St. Paul area. Poretsky, regional manager of the Minneapolis office of Marcus & Millichap Real Estate Services, was positively optimistic about the future of the region’s commercial real estate markets.
It was a refreshing change. Most of my commercial real estate interviews these days center on high vacancy rates, plummeting asking rents and the ever-present lack of financing for new projects.
Poretsky, though, had plenty of good things to say about the commercial sectors in Minneapolis/St. Paul. As the national economy continues its slow recovery, he said, the commercial markets in the Twin Cities should grow ever stronger.
Poretsky pointed to the fact that Minneapolis/St. Paul didn’t suffer from the overbuilding that many other markets did. This means that there isn’t as much empty commercial space waiting to be filled here. For Poretsky it’s a change: He’s fairly new to the Minneapolis/St. Paul market, having come here from California. As he told me in our interview, California’s pretty much the opposite of Minnesota: Overbuilding was common. This has led to big problems.
You can read more from Poretsky here. It’s a good read if you’re looking for some bright spots in the commercial real estate world.
Tags | Marcus & Millichap, Minneapolis, multi-family, Office, Retail, St. Paul
© 2012 Real Estate Communications Group. Duplication or reproduction of this article not permitted without authorization from the Real Estate Publishing Group. For information on reprint or electronic pdf of this article contact Mark Menzies at 312-644-4610 or menzies@rejournals.com
