Things are getting better in Twin Cities … slowly
July 09, 2010 | Dan Rafter | Print Article | Email this Article
Here’s the good news from Mike Salmen, partner with Transwestern Commercial Real Estate and the manager of the company’s Minneapolis office: Things are getting better in the Minneapolis/St. Paul commercial real estate market.
Here’s the bad news: Things are getting better slowly. Salmen predicts that it won’t be until 2012 that the Minneapolis/St. Paul commercial real estate market will return to a state approaching normalcy.
“There is some light at the end of the tunnel,” Salmen said. “We are seeing fewer layoffs. We are seeing more activity in the marketplace. We are seeing longer-term lease commitments and companies that are deciding to relocate to take advantage of the tenants’ market that exists right now.”
There’s that good news. But Salmen is realistic about the economy and its effect on commercial real estate:
“Unfortunately, we have a ways to go from a real estate perspective to see our market get back to a stabilized level,” Salmen said. “That doesn’t mean that things haven’t gotten better. It doesn’t mean that things haven’t bottomed out. But the uptick is slow, and we expect that to continue.”
Tags | economy, Minneapolis, Minnesota, recovery, St. Paul, Transwestern
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