Minneapolis CRE
What are you guys' thoughts on CRE in Minneapolis? I've heard a variety of things about the area.
Is it a growing real estate market?
Cheers,
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Are you talking with respect to starting a career there or talking about investing there? I think those are two different answers.
For investing, Minneapolis has strong population growth, an incredible roster of employers compared to similar-sized cities, and healthy incomes. In the Midwest, I'd definitely call it the preeminent city for investment when you take into account the headwinds Chicago faces.
If you're looking to launch a CRE career there, I would look elsewhere. Shallow pool of institutional investors, and a very insular market.
Depends in what context your post is referencing. I came from the area working in CRE and transitioned to NYC a few months ago. Need more info regarding your post.
Interesting industrial market. Interesting medical/R&D market. Typically gets combed over. Likely some good opportunities if you invest the time. The issue will always be your exit as I'd be reluctant to classify Minn as institutional.
There are a few posters in Minneapolis, but I don’t think any of us post a ton. What are you asking about?
Multi-family has tight vacancy because housing production is still a meh year in the 90s if you look at total units. Minneapolis is talking about inclusionary zoning, but is about 10% of the metro area population.
Office depends on your submarket, North Loop is like Fulton Market in Chicago, downtown St Paul is um, not. This is a key point, St Paul has the capitol building, but business happens in Minneapolis.
Retail is the same story as everywhere, Class A is Class A, second tier retail is second tier.
Industrial is ticking along, Ryan, Opus, Scannell, Meritex, United Properties, Mortenson and a few other developers have offices here, Blackstone picked up a local portfolio earlier this year.
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