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City of Minneapolis gains majority of Hennepin Co. office construction permit value after 2013

  • Metropolitan Council data shows commercial office building permit value totals surpassed the pre-recession peak in 2007 by 34.0 percent in 2014 and again in 2016 by 10.0 percent. The spike seen in 2014 is attributed to Wells Fargo’s build-to-suit towers breaking ground. Prior to 2014, construction within the City of Minneapolis was on average just 14.0 percent of total construction value within Hennepin County.
  • Hennepin County includes multiple suburban office markets like Plymouth, Minnetonka, Eden Prairie, and Brooklyn Park. These markets saw the lion’s share of investment in the decade preceding 2013. In 2012 and 2013 some of Minnesota’s largest employers, United Health Group, Target, and C.H. Robinson, all invested in upgrading their suburban office campus locations.
  • Looking at 2016, Minneapolis maintains the majority share. Top projects include Kraus-Anderson’s East Town headquarters, the Baker Center renovation and the Millwright Building which combine for 30.0 percent of Minneapolis’ total estimated construction value.  ​

Source: JLL Research, LinkedIn Workforce Report 2017​

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