Minneapolis-St. Paul industrial
real estate market reports

Q2 2021

With low unemployment in the Minneapolis-St. Paul region, businesses are focusing on industrial space close to established labor pools and strong public transportation routes. The market has continued to see vacancy trend downward to 3% which is underscoring how industrial demand has outstripped supply in this market. This has prompted the record high construction activity with 4.7 msf underway with 3.1 msf built between 100,000-300,000 sf.

Economic conditions

Historically tightened labor market conditions were halted by the pandemic with nearly 215,000 job losses between February and May 2020. However, reopening efforts enabled the economy to add 7.2% jobs since May 2020 bringing the unemployment rate to 3.8%.


Job growth

Local employment in Mining, Logging, and Construction rose by 14.4 percent over the last 12 months, the second-highest job growth by sector following the Leisure & Hospitality industry.


Recovery rate

Minneapolis-St. Paul's vaccination rate of 54.5% has surpassed U.S. averages, an important metric that has allowed the cities to loosen restrictions. 


Capital markets

Industrial sales activity has surged +2.27% against the prior five-year average due to stronger fundamentals.


Industrial demand

Leasing has not let up during the pandemic and is expected to surpass previous highs by the end of 2021.


Pricing trend

Pricing for Minneapolis-St. Paul's industrial assets have risen through the pandemic as an influx of investors seek exposure to properties that can accommodate the rise of e-commerce distribution.

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Stay on top of current trends affecting the industrial real estate sector in Minneapolis-St. Paul. Gain an overall better understanding of Minneapolis-St. Paul's industrial real estate market conditions, so you can better formulate strategies to overcome any obstacle and know how to best invest in industrial real estate in Minneapolis-St. Paul.

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