Twin Cities offices filling up; vacancy rate lowest since '07

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A new report shows the commercial real estate market in the Twin Cities is back at pre-Recession levels, judging from its vacancy rate.

The twice-a-year report finds office space is as full as it's been since 2007, while industrial space is back to its '08 level. Retail space and apartments are filling up, too. And more developments are on the way. The real estate firm Cushman & Wakefield/NorthMarq says the amount of square footage under construction at the end of the year was twice what it was 12 months earlier.

As for that old real estate maxim about location ... the hottest office addresses in the metro area are on a stretch of Interstate 394 just west of Minneapolis. The Star Tribune reports more office buildings are on the drawing boards for the power strip that runs through St. Louis Park, Golden Valley, and Minnetonka.

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