The Midwest didn’t fare well in the Coldwell Banker Commercial Market Comparison Report, a report that ranks the top commercial real estate markets in the country.
There was an exception, though: Minneapolis.
Coldwell Banker’s report analyzes more than 80 markets and ranks them based on the percent change in vacancy and rental rates for the office, retail and multi-family sectors from the third quarter of 2012 through the third quarter of 2013.
Only one Midwest market made the company’s top-10 list this time around: Minneapolis.
Minneapolis came in at number eight on Coldwell’s list. Jeffrey LaFavre, a broker with Coldwell Banker Commercial Griffin Companies in Minneapolis, wrote in the report that the city is becoming a leader in healthcare, technology and entertainment. This means that the market is appealing to families and businesses.
Other positives cited by LaFavre includes the three professional sports teams based in Minneapolis, the downtown business college and the presence of major corporations such as Target Corp. and US Bank.
There’s also a steady flow of jobs to Minneapolis and a highly educated workforce.
“Despite the largeness of Minneapolis as a city, there still tends to be an atmosphere of camaraderie in supporting local businesses and teaming together to make our community better as a whole economically and socially,” LaFavre wrote in the report.