Market Research brought to you by Welsh & Colliers International | Minneapolis-St. Paul
Retail Market Report Q4 2015
Published By: Welsh & Colliers International Minneapolis - St. Paul
Twin Cities sees 10-year absorption high; service-oriented retail growing; consumers blend online with bricks-and-mortar
VACANCY AND ABSORPTION TRENDS
The vacancy rate in the Minneapolis-St. Paul retail market is 3.9 percent, down from 4.3 percent at Quarter Three. Absorption during the third quarter was 234,776 square feet, bringing the 2015 net absorption total to 1,111,241 square feet. This is the most absorption we have recorded in this market in more than 10 years.
GROCERS LEAD ABSORPTION AND CONSTRUCTION
There is 1,249,040 square feet of retail space currently under construction. Of the total space under construction, almost half, or 551,000 square feet, is in grocery space. This includes four Hy Vee locations in Eagan, Cottage Grove, Lakeville, and Brooklyn Park; Whole Foods in Woodbury and St. Paul; a Fresh Thyme Farmers Market in Plymouth; and the expansion of the Eastside Food Co-Op in Minneapolis. Store openings during the fourth quarter include a Cub Foods at a White Bear Lake location formerly occupied by Kmart. Also opening during 2015 was a Jerry’s in Woodbury, two Hy-Vee stores in New Hope and Oakdale, Fresh Thyme Farmers Markets in Plymouth, St. Paul, and Minneapolis, and Whole Foods in Woodbury and St. Paul.
Release Date03/01/2016 - 11:53
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