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Please enjoy our October edition of E-News.
Our feature story on manufacturing in the Twin cities examines the correlation to a dwindling job market, yet points to positive production results. If this continues as a trend, what can we expect from industrial development but a shift in focus toward greater exports and distribution? In this issue, you will also find our featured industrial specialists and a case study on the much talked about Ford Plant site in St. Paul.
We are pleased to have the opportunity to share our research and market information with you. As a company, we commit our time and resources to gathering data and sharing our knowledge with you, our valued clients and friends.
Warm Regards,
Jeff LaFavre, CCIM, MCR, SIOR
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In Focus: Manufacturing in the Twin Cities
By Jim Mayland, Research Manager
When looking at the Twin Cities Seasonally Adjusted employment data for August of 2007 you will notice that overall non-farm jobs are up 0.75% year-over-year in growth. This is not as good as the 1.5% that has been the average the past couple of years, yet it is still positive.
If you examine the major areas of manufacturing employment, you will notice that most of them are down slightly. As you take a closer look, you see that manufacturing jobs in Minnesota are actually at the lowest point they have been since January of 1992 (the first year of data on the Department of Employment and Economic Development’s website). Even with the job loss, Minnesota’s manufactured exports grew over 7% last year. This increase in exports can be attributed to greater manufacturing efficiencies, as well as a weaker US dollar.
Nationally, manufacturers are enjoying both the benefits of a lower dollar but also a relatively robust global economy. Much has been written about the demise of U.S. manufacturing but measured in terms of output, things have never been better. Over the past 25 years manufacturing output has doubled. Even more impressive, with only 5% of the world's population, the United States accounts for 25% of worldwide manufactured goods. This trend is well-established and appears that it will continue for some time. While the domestic economy is showing increasing signs of weakness, the export sector should help to cushion any slowdown which will undoubtedly be welcome news for the industrial market.
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Joseph Turner
Joseph Turner has been serving the Twin Cities commercial real estate community for the past 33 years, joining Colliers in 1994. Prior to joining Colliers, Joe spent 20 years in sales and sales management for Thorpe Brothers, Inc. Throughout his career, Joe has been involved with many professional organizations, most notably, he is Past Director of MNCAR, was an industrial real estate instructor at Realtor’s Marketing Institute, is Past President of the Minneapolis Breakfast Club, has served as an expert witness in Commercial Real Estate litigation matters, and has served on the Ethics and Arbitration Committee for the Organization of Commercial Realtors.
Joe is a 33-year member of Board of Control, CI/MLS, & Organization of Commercial Realtors, and is also currently involved with NAIOP, and the National, Minnesota and Minneapolis Associations of Realtors.
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James Wenthold, SIOR, CCIM, PE
James Wenthold, SIOR, CCIM, PE joined Colliers in 2001 as a Vice President in Colliers’ Industrial Sales and Leasing Division. With 32 years of commercial/industrial brokerage experience in the Twin Cities, Jim spent 10 years as a principal with Robert Boblett Associates, and four years as a Facility Engineer for 3M Company throughout the United States. He holds his BA in Liberal Arts from Loras College in Iowa, his BSCE from the University of Iowa, and an MBA from the University of Iowa. In 2004, Jim received the Robert P. Boblett award from the Mid-Continent Chapter of SIOR. The award is given to an SIOR member annually that exemplifies services to the commercial real estate industry, to the SIOR professional organization and to the community.
Jim is currently a member of SIOR and CCIM, NAIOP, NAR, MNCAR - serving 2 years on the Board of Directors, 5 years on the Arbitration and Professional Standard Committee and 1 year as a Mediator, and is a member of Bloomington Noon Rotary. Jim has enjoyed active Industrial Membership in the Society of Industrial and Office Realtors since 1982, served as President, Vice President/Treasurer and Secretary of the Mid-Continent Chapter. He has also been a Certified Commercial Investment Member since 1997 and registered Professional Engineer in the State of Minnesota since 1973.
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Ford Motor Company Assembly Plant
St. Paul, MN
The Port Authority of the City of Saint Paul (Minnesota), the economic development arm of the City, contracted with the Minneapolis office of Colliers Turley Martin Tucker to perform a real estate market and redevelopment analysis of the 135-acre Ford Assembly Plant site in Highland Park that is slated for August 2008 closure.
To read the full case study, click here.
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