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Fourteen percent of all local and active office requirements is for creative office space

  • Tenants in the market are collectively seeking 600,000 square feet of creative office space. This accounts for 14% of all active office tenant requirements in the Minneapolis-St. Paul market. Creative office demand has grown 44% by total square footage in the last 12 months. As the product type becomes increasingly popular, expect to see rental rates rise further in creative-heavy micromarkets like the North Loop in Minneapolis and in St. Paul’s Midway neighborhood. 

  • Fortunately, most new office supply under renovation or development falls into the creative category and will help to alleviate mounting demand. Some desirable creative features include large open floorplates (i.e., 200,000 square feet under construction at the Nordic) and historic building conversions (i.e., 800,000 square feet under renovation at the Dayton’s Building). 

Source: JLL Research

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