Despite All Odds Minnesota Had Successful Industrial Construction Year
Despite the pandemic, the industrial sector in Minnesota had a very successful 2020.
One of the largest commercial real estate transactions in the Twin cities took place in 2020, which record-breaking individual transactions.
CBRE reported that Minneapolis’s industrial market went up by 11% from the second quarter into the third. The vacancy rate also showed surprising signs, with a steady 4.6% The third-quarter results reflected a slow yet gradual economic recovery for Minnesota.
The year 2020 was one of the most eventful in modern history. The pandemic, social unrest, a presidential election, and a recession all took place within a year. This affected every single aspect of our modern lives, which in turn affected virtually every marketable sector.
Despite all odds, construction and commercial real estate managed to hold its own. Large scale construction projects still occurred, with the Highland Bridgesite, over 150,000 feet of new real estate, 55 acres of parks and recreation fields, and over 3800 affordable housing units.
These reports bring optimism to the commercial real estate market in Minnesota. Quarter 4 results will set the trajectory for economic recovery in Minnesota. Luckily, the future’s looking brighter.