Minneapolis is the star of a very bullish new report by the real estate giant CBRE that confirmed the conclusions of a recent column on how the smart location choice for employers is downtown.
It turns out, however, that CBRE's rental figure for Minneapolis was not accurate. CBRE's local office contacted us this week to say that the figure highlighted in its report as "gross" rent, meaning it included operating expenses such as utilities, was in fact net rent, meaning the amount just going to the landlord for use of the space.
That means renting office space in Minneapolis is not cheaper than renting in Pittsburgh, Cleveland and other so-called secondary markets.
It was CBRE's error, but I own this one, too. It should have occurred to me that counterintuitive data that showed Minneapolis to be cheaper, even from a big firm like CBRE, should have been questioned, not reported as fact.