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Market Trend: Minneapolis' Mid-Year Industrial Deliveries, Construction and Inventory

September 14, 2017
During the second quarter 2017, five buildings totaling 310,084 square feet were completed in the Minneapolis market area. This compares to three buildings totaling 232,143 square feet that were completed in the first quarter.

There were 1,632,600 square feet of Industrial space under construction at the end of the second quarter 2017.

Some of the notable 2017 deliveries include: Waterford Innovation Center, a 134,384-square-foot facility that delivered in second quarter 2017 and is now 100% occupied, and Northern Stacks III, a 133,200-square-foot building that delivered in second quarter 2017 and is now 73% occupied.

The largest projects underway at the end of second quarter 2017 were Gateway South 2, a 437,000-square-foot building with 19% of its space pre-leased, and Blaine Preserve Business Park Bldg III, a 250,000-square-foot facility that is 100% pre-leased.

Total Industrial inventory in the Minneapolis market area amounted to 385,786,544 square feet in 9,884 buildings as of the end of the second quarter 2017. The Flex sector consisted of 77,319,147 square feet in 1,834 projects. Within the Industrial market there were 834 owner-occupied buildings accounting for 66,567,888 square feet of Industrial space.

This trend is compared to the U.S. National Industrial deliveries, which saw 537 buildings totaling 64.42 million square feet completed in the second quarter, with 272.4 million square feet of industrial space still under construction across the country. Total Industrial inventory in the U.S. market area amounted to almost 22.2 billion square feet across more than 643,700 buildings, including 92,000 flex projects and 72,000 owner-occupied buildings.

The information in this news report is based on CoStar’s Second Quarter 2017 Market Report, a 40+ page comprehensive research report available to CoStar subscribers. To learn more about quarterly research reports and other benefits available to CoStar subscribers, please call 888-226-7404.

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