Minneapolis Office Conversions

Key Trends:

Minneapolis is one of the top ten major U.S. markets for office conversions as a percent of total inventory, where underway and planned conversions amount to 2.6% of the market office inventory.

The market has completed 5.4 million sq. ft. of conversion and redevelopment projects since 2016. That figure is anticipated to double in the next few years with another 5.8 million sq. ft. currently underway and planned.

A proliferation of local incentive and financing programs have helped developers and lenders mitigate financial risk when pursuing conversion projects in the Minneapolis market.