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New development by the decade turns focus outside the CBD core

  • ​Since 1970, four of the five succeeding decades have experienced relatively consistent new construction numbers, averaging 5.15 million square feet per decade. The peak being the commercial real estate boom of the 1980’s which saw over nine million square feet of new CBD office development.
  • So far this decade 2.14 million square feet have been delivered, representing 42 percent of the decade’s expected average. Based on existing knowledge of the current development pipeline, it is unlikely that the Minneapolis CBD will reach typical numbers with only 100,000 square feet currently under construction by way of Kraus-Anderson’s new build-to-suit headquarters.  
  • Development this decade has been differentiated by geography. Thus far 89 percent of new construction has landed outside of the CBD core, a clear shift over past decades. All things considered Target Field, U.S. Bank Stadium and the Green Line extension have had a lot of influence drawing development into new districts of the CBD. ​

Source: JLL Research 

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