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2016 CBD sales marked the highest twelve-month multi-tenant office sales volume since 2007.

  • ​The volume of 2016 is largely credited to the acquisition of 33 South 6th Street by Chinese conglomerate, HNA Group for $315 million. This transaction accounted for 46 percent of both the dollar volume and square footage sold last year, despite being just one of ten total transactions in the CBD. Of all sales, loft style buildings closed out the year with seven out of ten CBD transactions.      
  • Comparing 2016 to the prior peak in 2013, where multiple large Minneapolis CBD core owners found their exit, having weathered the recession. The IDS Center, Oracle and International Centre, RBC Plaza and PwC plaza (former Plaza Seven) all found new owners.
  • At the close of Q2 2017, the Minneapolis CBD sales volume is $146 million. With few large Class A  blocks available in the CBD, landlords have been successful at landing sizeable extensions and stabilizing rent rolls. As this continues we expect more well-capitalized and near fully-occupied buildings to be hitting the market.

Source: JLL Research, US Census Bureau​ 

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