MINNEAPOLIS—The Twin Cities metro area has one of the healthiest economies in the US, but even here the northwest suburbs have stood out as especially desirable for industrial users. The Opus Group has responded by launching the development of a 145,800-square-foot speculative industrial office and warehouse facility in suburban Brooklyn Park, its second recent spec development in the region.
The metro area has an extraordinarily low unemployment rate, currently 3.3% according to the US Bureau of Labor Statistics, the lowest of any large region in the US. And its industrial sector has seen 17 consecutive quarters of positive net absorption.
“This submarket has probably been our strongest in the last 12 months,” Tony Phelps, senior director, real estate development of Opus Development Company, LLC, tells GlobeSt.com. Developers started building a collection of new spec buildings, but most were targeted toward bulk distribution users and featured 28' to 32' clear heights.
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Brian J. Rogal
Brian J. Rogal is a Chicago-based freelance writer with years of experience as an investigative reporter and editor, most notably at The Chicago Reporter, where he concentrated on housing issues. He also has written extensively on alternative energy and the payments card industry for national trade publications.
