Future Cities

Emerging Industrial Market: Minneapolis

14 Sep 2022

Minneapolis
The Minneapolis-St. Paul region is a highly educated community with some of the best healthcare in the world. This dynamic area offers an excellent opportunity for industrial-based companies looking for skilled, hard-working labor. Consistent over the past 10 years, demand has spiked since early 2021. Developers and institutions have taken note, with 9.9 million sq. ft. of new development planned for 2022-2023. Institutional ownership has grown from 18% in 2006 to over 76% in 2022.
Bryan Van HoofCBRE Senior Vice President

Demographics

More than 5 million people live within 100 miles of Minneapolis, 23% of which are in the important 18-34 range. Within 250 miles, occupiers can reach nearly 12 million consumers.

Figure 1: Minneapolis, MN Population Analysis


Source: CBRE Location Intelligence

Minneapolis has a warehouse labor force of 48,259, which is forecast to grow by 1.3% over the next decade, according to CBRE Labor Analytics. The average hourly wage for a non-supervisory warehouse worker is $18.80, which is 11.4% above the national average of $16.88.

Figure 2: Minneapolis, MN Warehouse & Storage Labor Fundamentals


Source: CBRE Labor Analytics