Star Tribune Sat, 19 Apr 2008 03:34:40 GMT
Industrial properties hit by slump in economy
A decline in manufacturing jobs and an uncertain economic outlook have put more space on the industrial-property market. The unsteady economy and the credit crunch are casting shadows over the market for industrial properties, affecting the sales and leasing of buildings throughout the Twin Cities area. Vacancies increased in the first quarter and are at their highest levels since 2006, according to a report by Grubb & Ellis/Northco Real Estate Services of St. Louis Park. Research by the Twin Cities office of Colliers Turley Martin Tucker shows increases in small, medium and large blocks of open space, with a 45 percent jump in large blocks since 2006. The Colliers report also notes a decline in asking prices for listed industrial properties.
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