Warehouse Space Demand Post-Pandemic
Minneapolis warehouse space has been in extremely high demand during and after the pandemic. In March of 2020, Blackstone Group out of New York closed on a 7 million square foot portfolio and hasn’t looked back. With Blackstone owning such a large percentage of high-quality industrial product throughout the Minneapolis metro, they have been able to push significant rental increases along with keeping vacancy rates low. Can this continue? The answer is likely yes. E-commerce has exploded and industrial development has not kept up. With around 1% of the Minneapolis industrial market under construction, we predict that rent growth is reasonably sustainable.
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