July 27, 2014
The center of commerce and business development of Minnesota is the Minneapolis-Saint Paul area. This is where the growing number of commercial real estate properties continues to expand. Commerce, health care, industrial services, finance, and rail and trucking services serve as the major sources of the economic growth of the city. Other minor sources include education, food processing, insurance, publishing, milling, high technology, and graphic arts.
Minnesota serves as the seat of large commercial estate properties such as Xcel Energy, Target, Ameriprise Financial, U.S. Bancorp, and Thrivent Financial for Lutherans. Other big enterprises include Allina Health, the University of Minnesota, Wells Fargo, RBC Wealth Management, and Federal Reserve Bank of Minneapolis.
Minnesota is conducive to commercial property because of the ease of access to Wi-Fi, readily available solutions to transportation and medical problems, and increasing university researches and development expenditures.
Existing Minnesota commercial property rentals can be classified into industrial, retail, office, multi-family, land, farm/ranch and hotel/motel commercial properties. Among these categories, office, retail and industrial properties have the greatest impact on the economic status of the state. These types of commercial property heavily affect the possible vacancy rates of other properties. The future rates of rent are also affected by these commercial properties.
Also, construction of commercial real property comprises the gross domestic product (GDP) of the state. However, it usually takes several years to completely build a commercial real estate property. In addition, development of most commercial real estate follows the completion of residential areas. This ensures the success of commercial properties since there are already potential customers.
Lease contracts of commercial property in Minnesota are no longer compared to residential real estate (generally 1-5 years on average). This makes commercial real estate profitable, since it gives the estate holder a substantial and more stable cash flow. On the other hand, commercial lessees in Minnesota benefit as well because of the guaranteed profits. The economic security Minnesota offers makes a number of commercial properties succeed. The state’s continuous economic growth sustains the strength of different establishments.
Different online sites offer information on commercial property for lease in MN. If you have plans for investing in or leasing one, there are many available commercial properties in the state.
Our site offers hundreds of available spaces in the Twin Cities. If you need Minnesota commercial property for rent check the link below to search our inventory of warehouse space, office space, medical space, retail space, and industrial space for rent in the Minneapolis and St Paul Minnesota metro area…
