Twin Cities commercial real estate is making a rebound, which has a lot of people excited. Just five years ago, when the real estate market crashed all over the nation, new industrial properties were not being built in Minnesota. Signs are appearing that this is finally changing for the better.
Whether it’s the new outlet mall opening in Eagan or the expansions planned for the Mall of America, commercial property is starting to move forward with a lot of new projects already underway or planning to be started in the near future. The Mall of America project is a $325 million expansion that includes a hotel, retail space and office space.
Here’s some of the commercial construction projects currently underway.
- Industrial: 1.55 million square feet
- Retail: 1.4 million square feet
- Medical: 449,000 square feet
Many are saying that money is coming back to the real estate market in Minnesota – especially areas near the Twin Cities like Apple Valley and Eagan. All of the new construction is creating a lot of local jobs, which is appreciated by a lot of people in the area. The real estate market is actually growing more quickly than other industries in Minnesota, and this has some excited for other reasons. If you’ve been thinking about investing in a commercial property, now is the time.
Twin Cities Commercial Real Estate
As new apartment buildings go up in the area, it’s the perfect time to look into making an investment in current apartments and other commercial properties. To see the growth of the real estate market over the years, here’s a list of the projected value of projects that were approved in the state (Source: City of Minneapolis)
- $944.7 million in 2004
- $855.2 million in 2005
- $839.6 million in 2006
- $761.3 million in 2007
- $772.5 million in 2008
- $778 million in 2009
- $547.6 million in 2010
- $752.8 million in 2011
- $1.1 billion in 2012
- $1.2 billion in 2013
If you’re interested in benefiting from this real estate boom, contact Realty Exchange today to learn more about investment opportunities available when it comes to commercial real estate. If you have money to invest and have been thinking about commercial property, call or email us and find out what’s available. With the market looking to experience even more growth in the years ahead, now is the time to jump in and invest your money. Twin Cities Commercial Real Estate is booming and it’s a great time for you to get involved so that you can benefit from all the growth happening.