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Market Report

Minneapolis-St. Paul Retail Market Report

2024 Investment Forecast

Post-Pandemic Low Vacancy Driven by Suburban
Dynamics, Fueling Investment Activity

Market regains its notable national standing. In the years leading up to the pandemic, the Minneapolis-St. Paul metro consistently ranked among the nation’s tightest major U.S. retail markets. That status was lost shortly after, however, amid a considerable reshuffling of retailer preferences. Nevertheless, the market is poised to recapture its status as one of the least vacant markets in the country this year. Areas that have recently noticed the strongest demand recovery include Burnsville, Eden Prairie and Woodbury, with each entering this year with local vacancy rates 100 to 200 basis points below their respective 2019 figures. Retail demand has also improved in Downtown Minneapolis amid a considerable lift in occupied apartment stock. Momentum here has begun to stabilize, however, with new retail commitments limited as of early 2024.

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