MINNEAPOLIS – The Twin Cities office market is a paradox: There’s a glut of empty space but rents keep rising.
“It’s opposite of what you’d think,” said Tom DeSautel, a commercial broker with Cushman & Wakefield. “No one is in the office. … How could my rent possibly be going up?”
New data shows that during February, the average office rent in the metro was up 2.9% compared to a year ago, according to the research firm CommercialCafe. That was the seventh-biggest gain in the nation, which saw an overall 1.9% decline…