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Study: Minnetonka faces elevated office vacancy but sees redevelopment opportunities at big retail site
Summary
Marquette Advisors told the Minnetonka EDAC that office vacancy stands near 16.5% and that large-block vacancies (former headquarters and big-box retail) present both recruitment challenges and redevelopment opportunities; staff and commissioners discussed incentives and master‑developer approaches.
Brent Wittenberg of Marquette Advisors presented a commercial market analysis to the Minnetonka Economic Development Advisory Commission on March 20, highlighting sector-by-sector performance across industrial, office and retail real estate.
Wittenberg said the city’s industrial base — much of it built in the 1970s and 1980s — performs relatively well, with vacancy around 8.1 percent in places and limited new supply expected near Minnetonka due to site constraints. He then turned to office: "If our overall vacancy rate is 16.5%, there are many, many buildings, in fact, most that are well under 10%," he said, underscoring a pattern where a…
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