Cresa Taps Dan Lofgren as Managing Principal in Minneapolis Market Return

Cresa has re-entered the Minneapolis market, naming industrial tenant-advisory specialist Dan Lofgren, SIOR, as managing principal of its new Twin Cities office, the firm announced Sept. 21. The office will provide occupier-focused advisory services across office and industrial property types.

The return to Minneapolis reflects what Cresa described as a larger corporate strategy of investing in targeted growth markets across the United States. The firm said it has a history of brokerage activity and longstanding client relationships in the region.

Lofgren's Background and Recent Transactions

Lofgren joins Cresa from Forte Real Estate Partners, where he led the firm's industrial tenant advisory practice for five years. He brings approximately 20 years of industry experience, including prior roles at The Excelsior Group and Liberty Property Trust. His practice has focused on distribution, manufacturing and engineering firms, with services spanning strategic planning, site acquisition and corporate relocation.

Recent transactions attributed to Lofgren include Specialty Building Products' 400,000-square-foot relocation and expansion in Otsego, Minnesota; Binks' 150,000-square-foot relocation and consolidation in New Brighton, Minnesota; and Nextern's 128,000-square-foot build-to-suit lease and consolidation in Maple Grove, Minnesota.

"It's a very exciting time to be part of the Cresa team, and I'm thrilled to bring their occupier-focused strategy to the Twin Cities area market," Lofgren said. "The extensive services offered by Cresa coupled with the firm's technology focused and data driven approach will assist me in providing the highest level of service for our clients."

Strategic Rationale and Team-Building Plans

Julie Northcutt-Dunn, President, Markets at Cresa, framed the hire as the first step in building a scalable local presence. "Welcoming Dan is the first step in building a stronger, more scalable presence in this key market," she said. "Having a professional of his caliber in place will serve as a catalyst for attracting top talent and new opportunities. We are looking forward to assembling a formidable team around him to serve Minneapolis and beyond."

The firm's announcement emphasizes that Lofgren's local relationships and track record are intended to support broader recruiting efforts and client development, rather than function as a standalone practice.

Minneapolis Market Conditions

Cresa is entering a Twin Cities commercial real estate market characterized by sharply divergent conditions across property types.

The office sector carries elevated vacancy, with multiple market sources placing the Twin Cities office vacancy rate between 20% and 25% in the second quarter of 2026. Availability has been reported as high as 29%, while average asking rents have held relatively steady — with landlords competing increasingly through tenant-improvement allowances, free rent and other concessions rather than headline rent reductions. Since 2020, 73 office properties totaling 7.6 million square feet have been removed from Twin Cities office inventory, with an additional 570,000 square feet expected to be removed through 2028. Suburban submarkets have shown more resilience than downtown, with non-core vacancy reported below 12% in some analyses, while central business district demand has remained subdued.

The industrial market presents a different picture. Vacancy stood at approximately 4.5% through the second quarter of 2026 — historically low, though demand has moderated from the peak levels recorded between 2021 and 2023. Net absorption turned modestly negative in recent quarters, and average asking rents have plateaued near record highs as construction activity pulled back. The result is a more nuanced environment for occupiers: limited availability of high-quality distribution and manufacturing space persists, but tenants may have somewhat greater negotiating leverage than during the tightest supply-constrained period.

Competitive and Market Context

Cresa is re-entering a market where large full-service brokerage firms already maintain substantial platforms. The firm's differentiation centers on an occupier-only model that excludes landlord representation and investment sales, positioning it to compete for tenant-representation, workplace strategy, portfolio planning and corporate-relocation assignments.

Lofgren's background in complex, operationally driven industrial requirements — including build-to-suit transactions and large-user relocations — aligns with the types of assignments that remain active even as overall leasing volumes normalize. His experience with manufacturing, engineering and specialized distribution users addresses a segment of the market where standard available inventory often cannot meet specific power, loading, ceiling-height or production specifications.

On the office side, the elevated-vacancy environment creates demand for advisory services around lease renewals, consolidations, relocations, lease restructurings and hybrid-work portfolio decisions — areas where occupier-focused firms have historically competed for assignments.

Sources

Cresa — Cresa Re-enters Minneapolis Market (Sept. 21, 2026)