Minneapolis-St. Paul Chart of the Week | June 13, 2016
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Seventeen Minnesota-headquartered companies are on the latest Fortune 500 ranking of the largest public U.S. companies; 16 of which are in the Minneapolis-St. Paul metro. Hormel is the non-metro outlier in Austin, MN. The highest density of Fortune 500s is in the Minneapolis CBD where five firms with a collective $127.3 billion in revenue are located within seven blocks of one another. The smallest Minnesota company on the list, St. Jude Medical, is undergoing a pending $25 billion acquisition by Illinois-based Abbott Laboratories, which will likely lower next year’s count by one. The deal is expected to close in the fourth quarter of 2016.
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Day Trading Blog : Jobs
Again, we are back with the daily blogs of Larry Levin – a big name in the floor traders to get supportive information around day trading futures markets to help guide our work. As you see the topic we will discuss this time is a hot one: “Jobs”.
Minneapolis-St. Paul Chart of the Week | February 22, 2016
For nearly a century, bars within the City of Minneapolis were restricted to Liquor Patrol Limits encompassing the oldest neighborhoods adjacent to the Mississippi River and those most populated by immigrants. Even after the end of Prohibition in 1934, Minneapolis reinstated its patrol limits which were not repealed until 1974. Bars that were within the city but outside of the patrol areas could serve only low-alcohol or 3.2 percent beer.
•The recent purchase of the Sunrise Inn in South Minneapolis is the beginning of the end of an era. The only 3.2 bar that remains is the T-Shoppe Bar in North Minneapolis’ Camden neighborhood.
•Coupled with the impending repeal of the 159-year-old Sunday liquor sales ban, the future earning potential for Minneapolis’ hospitality and retail sectors looks rosy.
Minneapolis-St. Paul Employment Update | February13, 2016
Minneapolis-St. Paul unemployment gained 60 basis points and fell four spots nationally into an eight place tie with the Indianapolis metro. New workforce highs were achieved in Professional and Business Services and Other Services while Education and Health services saw a slight pullback from its recent run in growth. Y-O-Y Education and Health Services maintained the top spot creating 13,000 jobs over the trailing 12 month period. In contrast, the Leisure and Hospitality sector lost 5,300 jobs in 2016.
Among office using sectors, all have seen a month-to-month contraction in growth except Professional and Business Services which has finished 2016 net positive 12,700 jobs.
Nationwide, unemployment rose for the second consecutive month and now sits at 4.8 percent, boosted by an increase in the labor force participation rate to 62.9 percent. However, the expansion of the civilian labor force is not keeping up with job growth, which will keep slack minimal in the near-term.
Wage growth continues but at a slower pace than December.
Minneapolis-St. Paul Chart of the Week | February 10, 2017
The Macy’s building is among many other buildings in the Minneapolis CBD that are currently undergoing decisions about future usage. Wells Fargo’s move out of Northstar and Baker Block in 2016 has already prompted the consideration of renovation versus conversion into other uses.
Baker Block and the TCF Bank Building are undergoing remodels that will increase tenant amenities and add features more typical of creative office like open floorplates and raised ceilings.
Additional opportunities will hit the market when YMCA relocates its facilities and office operations to Gaviidae and when Art Institutes International closes its downtown campus in the LaSalle Building.
Minneapolis-St. Paul Chart of the Week | January 27th, 2017
The record setting sale of the City Center office building in 2016 purchased by Chinese investor HNA Group opened the door for increased overseas investment within the Minneapolis CBD.
The year failed to provide high value transaction volume among apartment buildings compared to the year prior.
Notable hotel transactions however remained within close proximity to records with the second sale of the Hilton Towers within the last 6 years.
A final price for the upcoming sale of the Macy’s building has yet to be released, however it is expected to clear the high-water mark for retail transactions set in 2013 when the Gaviidae Commons closed for $26.5M.
Minneapolis-St. Paul Chart of the Week | January 16th, 2017
According to preliminary Q4 2016 numbers from RCA, total foreign investment into U.S. commercial real estate declined since its peak in 2015. However, as coastal markets are seeing their cross-border deal flow tighten, Midwest markets like Minneapolis-St. Paul are benefiting from more affordable inventory and less volatile economic growth.
In the final quarter of 2016, Shorenstein Properties sold 33 South Sixth Street to Chinese investor HNA Group for $315 million. This was the largest office sale in Minneapolis’ history. The opportunity for additional foreign direct investment (FDI) will escalate as Asian and European firms seek real estate investments in growing, stable markets.
Minneapolis Chart of the week January 12th, 2017
Over the last year and into 2017 three retailers each occupying 20,000 square feet or more have announced their departure from the downtown CBD, adding to vacancy totals.
The recent acquisition, and plan to redevelop former Macy’s building eludes to a market consensus where the excess space will be best suited as diversified mixed uses.
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Again, we are back with the daily blogs of Larry Levin – a big name in the floor traders to get supportive information around day trading futures markets to help guide our work. As you see the topic we will discuss this time is a hot one: “Jobs”.
Minneapolis-St. Paul Chart of the Week | February 22, 2016
For nearly a century, bars within the City of Minneapolis were restricted to Liquor Patrol Limits encompassing the oldest neighborhoods adjacent to the Mississippi River and those most populated by immigrants. Even after the end of Prohibition in 1934, Minneapolis reinstated its patrol limits which were not repealed until 1974. Bars that were within the city but outside of the patrol areas could serve only low-alcohol or 3.2 percent beer.
•The recent purchase of the Sunrise Inn in South Minneapolis is the beginning of the end of an era. The only 3.2 bar that remains is the T-Shoppe Bar in North Minneapolis’ Camden neighborhood.
•Coupled with the impending repeal of the 159-year-old Sunday liquor sales ban, the future earning potential for Minneapolis’ hospitality and retail sectors looks rosy.
Minneapolis-St. Paul Employment Update | February13, 2016
Minneapolis-St. Paul unemployment gained 60 basis points and fell four spots nationally into an eight place tie with the Indianapolis metro. New workforce highs were achieved in Professional and Business Services and Other Services while Education and Health services saw a slight pullback from its recent run in growth. Y-O-Y Education and Health Services maintained the top spot creating 13,000 jobs over the trailing 12 month period. In contrast, the Leisure and Hospitality sector lost 5,300 jobs in 2016.
Among office using sectors, all have seen a month-to-month contraction in growth except Professional and Business Services which has finished 2016 net positive 12,700 jobs.
Nationwide, unemployment rose for the second consecutive month and now sits at 4.8 percent, boosted by an increase in the labor force participation rate to 62.9 percent. However, the expansion of the civilian labor force is not keeping up with job growth, which will keep slack minimal in the near-term.
Wage growth continues but at a slower pace than December.
Minneapolis-St. Paul Chart of the Week | February 10, 2017
The Macy’s building is among many other buildings in the Minneapolis CBD that are currently undergoing decisions about future usage. Wells Fargo’s move out of Northstar and Baker Block in 2016 has already prompted the consideration of renovation versus conversion into other uses.
Baker Block and the TCF Bank Building are undergoing remodels that will increase tenant amenities and add features more typical of creative office like open floorplates and raised ceilings.
Additional opportunities will hit the market when YMCA relocates its facilities and office operations to Gaviidae and when Art Institutes International closes its downtown campus in the LaSalle Building.
Minneapolis-St. Paul Chart of the Week | January 27th, 2017
The record setting sale of the City Center office building in 2016 purchased by Chinese investor HNA Group opened the door for increased overseas investment within the Minneapolis CBD.
The year failed to provide high value transaction volume among apartment buildings compared to the year prior.
Notable hotel transactions however remained within close proximity to records with the second sale of the Hilton Towers within the last 6 years.
A final price for the upcoming sale of the Macy’s building has yet to be released, however it is expected to clear the high-water mark for retail transactions set in 2013 when the Gaviidae Commons closed for $26.5M.
Minneapolis-St. Paul Chart of the Week | January 16th, 2017
According to preliminary Q4 2016 numbers from RCA, total foreign investment into U.S. commercial real estate declined since its peak in 2015. However, as coastal markets are seeing their cross-border deal flow tighten, Midwest markets like Minneapolis-St. Paul are benefiting from more affordable inventory and less volatile economic growth.
In the final quarter of 2016, Shorenstein Properties sold 33 South Sixth Street to Chinese investor HNA Group for $315 million. This was the largest office sale in Minneapolis’ history. The opportunity for additional foreign direct investment (FDI) will escalate as Asian and European firms seek real estate investments in growing, stable markets.
Minneapolis Chart of the week January 12th, 2017
Over the last year and into 2017 three retailers each occupying 20,000 square feet or more have announced their departure from the downtown CBD, adding to vacancy totals.
The recent acquisition, and plan to redevelop former Macy’s building eludes to a market consensus where the excess space will be best suited as diversified mixed uses.
Minneapolis-St. Paul JLL employment update January 2017
Minneapolis-St. Paul maintains it’s fourth-lowest unemployment rate in the nation among all large metros, according to the most recent BLS estimates.
New workforce highs were achieved in Education and Health Services and Government while professional and Business services have seen a slight pullback from its recent run in growth. Y-O-Y Education and Health Services claims the top spot creating 9,700 jobs over the trailing 12 month period.
Among office using sectors, all have seen a month to month contraction in growth except information which maintains still a negative overall growth rate, losing 300 jobs Y-O-Y.
Nationwide, unemployment dropped by 30bp over the year to 4.7 percent. Declines in unemployment came as a result of a steadily increasing workforce, marginally boosting participation, and job growth outperforming the rate of expansion in the workforce.
Wage growth continues to outpace inflation, reaching highest rate of increase this cycle.
Minneapolis-St. Paul employment update | December 2016
•Minneapolis-St. Paul has the fourth-lowest unemployment rate in the nation among all large metros, according to the most recent BLS estimates.
•Once again, MSP achieved record-breaking employment totals for professional and business services, a fundamental component to the metro’s economic growth. A net total of 8,800 jobs have been added in the industry year-over-year (Y-O-Y).
•While office-using sectors were responsible for 52% of growth this month, educational and health services continue to drive regional employment gains and currently account for 37% of Y-O-Y job growth.
•Nationwide, unemployment dropped by 30bp to a cyclical low of 4.6 percent. This is possible by consistent job growth and a slight decline in the labor force participation rate to 62.7 percent.
•With continued wage growth and inflation now at 1.6 percent, nearing the Federal Reserve’s 2.0-percent target and unemployment at its lowest point since August 2007, the stage has been set for a rate hike by the end of the year.
Minneapolis-St. Paul Chart of the Week | December 12, 2016
Many factors support metro transit ridership, lack of parking at a place of work is certainly one. Where there is a low ratio of available parking to number of workers there is a workforce highly dependent on metro transit. The opposite exists, as visualized above, where space abounds and parking is available.
As the gradient fades from purple to green, overall ridership numbers are visualized, while marker sizes depict a workplace’s total available parking capacity divided by the number of workers to create a normalized ratio
Minneapolis-St. Paul Chart of the Week | December 5, 2016
Metro-region shoppers are planning to spend $918 per household this holiday season, the highest amount since the St. Thomas Holiday Sentiment Survey began 15 years ago. The average is up $68 or 8 percent over last year. It is predicted that that Minneapolis-St. Paul residents will spend a cumulative $1.24 billion this holiday season.
Minneapolis-St. Paul Chart of the Week | November 28, 2016
Last year, over 37 percent of residents in the Twin Cities volunteered, with more than 1 million people giving 88.4 million hours of service worth about $1.9 billion. Increased civic engagement in communities is linked to lower crime rates, lower rates of mental and physical illness, improved academic outcomes for children, and improved employment outcomes for job seekers.
Minneapolis-St. Paul Chart of the Week | November 14, 2016
Data released from the Minnesota Department of Employment and Economic Development (DEED) paints a picture of the current demand for workers in the Minneapolis Metro Area, also providing wage data by industry.
This chart takes a look at the ratio between available jobs as of Q2 2016 and the median wage paid. This look allows for high level snapshot into the balance of employer demand for workers and the wages workers are willing to accept, within the Twin-Cities Metro.
Overall DEED reports 1.2 unemployed person for each vacancy, equivalent to 2015 - which indicates a stable labor market within the State.
Minneapolis-St. Paul Chart of the Week | November 7, 2016
Minnesota’s population is among the most trusting of its state government and is the largest state to have a confidence rate of more than 66%, according to a recent Gallup poll.
There is a strong positive relationship between residents' ratings of their state's economy and their confidence in state government. Certainly an unemployment rate of 4.0%, among the lowest in the nation, is an important factor in Minnesotan’s high confidence in their state government.
JLL Minneapolis-St. Paul Chart of the Week | October 31, 2016
This fall, T3 was the first speculative office development to deliver in Minneapolis since the Recession. What will break ground next? United Properties, Schafer Richardson, Hines, Swervo and CPM Cos. all have proposed developments in the North Loop. It’s only a matter of time until one lands a cornerstone tenant and construction begins again.
Minneapolis-St. Paul Chart of the Week | October 24, 2016
Office product in the CBD area northwest of Nicollet Mall has historically performed better than the southeastern part of the CBD, and that trend has only become more pronounced. Even with T3 delivering fully vacant this quarter, total vacancy on the northwest side of Nicollet is 0.9 million square feet (m.s.f.) with an average building vacancy rate of 12.3%. Comparatively, to the southeast of Nicollet Mall, total office vacancy is 2.9 m.s.f. and the average building vacancy rate is 16.9%.
Minneapolis–St. Paul Employment Update | October 2016
Minneapolis-St. Paul has the fifth-lowest unemployment rate in the nation among all large metros, according to the most recent BLS estimates.
Once again, MSP achieved record-breaking employment totals for professional and business services, a fundamental component to the metro’s economic growth. A net total of 8,300 jobs have been added in the industry year-over-year (Y-O-Y).
While office-using sectors were responsible for 31% of growth this month, educational and health services continue to drive regional employment gains and currently account for 39% of Y-O-Y job growth.
Nationwide, unemployment rose by 10bp to 5.0% in September on the back of rising labor force participation, which also saw a bump to 62.9%. At the same time, initial unemployment claims continue to fall, with the moving average resting near a cyclical low of 250,000 per week.
U.S. job openings have jumped by 3.9% over the year even as employment is only up 1.7%. This signals strong demand by employers but lagging labor force growth that is failing to keep up with demand.
Minneapolis-St. Paul Chart of the Week | October 17, 2016
Hotel development is finally on track to meet demand in the Minneapolis CBD. It is expected that more than 2,000 rooms will be delivered in the next few years. AC Marriott and Embassy Suites opened within the last month along Hennepin Ave; Radisson Red was recently completed near the US Bank Stadium. The Nordic-themed 124-room Hewing Hotel in the North Loop is slated to open in November.
Thresher Square and Federal Plaza were both formerly used for office. After recent acquisitions, the historic buildings will be respectively redeveloped into a Canopy by Hilton and a new boutique inn.
Minneapolis-St. Paul Chart of the Week | October 10, 2016
Los Angeles-based Colony Capital REIT spent $62.5 million for four bulk warehouse properties totaling just over 899,000 square feet and averaging $69.57 per square foot (p.s.f.). TA Realty of Boston was the seller. The trade, which occurred in early July, greatly boosted local industrial sales for Q3 to a total of $206.2 million and made it the highest performing quarter year-to-date.
The four transacted properties included Xenium Distribution Center in Plymouth, Highway 55 Distribution Center in Eagan, Minnesota Valley Distribution Center II in Shakopee, and 6240 Carmen in Inver Grove Heights.
Minneapolis-St. Paul Chart of the Week | October 3, 2016
Currently, just over 12,000 people living in the Minneapolis CBD are 20-34 years old and make up the largest share of the total population of 29,200. In the next five years, the share of Millennials living downtown is expected to grow to 45% of the total population. Within the same timeframe, the average household income among downtown dwellers is expected to jump from $85,000 to $95,000. The Minneapolis CBD includes the North Loop neighborhood, which Forbes recently ranked among its Top Ten “Best Cities and Neighborhoods” for Millennials.
Minneapolis-St. Paul Chart of the Week | September 19, 2016
Although the third quarter of 2016 only saw four transactions for office buildings at least 50,000 square feet in size, the average price per square foot increased 82 percent quarter-over-quarter. This is largely due to the sale of Ameriprise Financial Center, which sold for $200 million to Florida-based Morning Calm Management at the end of August. The transaction is the largest deal of the year, surpassing the $82 million sale of PwC Plaza (formerly known as Plaza Seven) back in June.
Expect more transaction volume in Q4, as there are already four pending sales totaling $37.7 million.
Minneapolis-St. Paul Chart of the Week | September 12, 2016
From 2010 to 2015, Minneapolis-St. Paul added 169,043 net new people to its population total, a growth rate of 5.0 percent. The average growth rate for all U.S. metros during that same period was 4.6 percent. MSP’s gains are largely due to a healthy ratio of births to deaths and an increase in foreign immigration.
In general, metro areas in the Midwest and Northeast are seeing slower population growth than the rest of the nation, particularly compared to the South. Minneapolis-St. Paul’s Midwest peers like Chicago, St. Louis, and Detroit all saw single-digit growth over the last five years.
US Technology Outlook | Minneapolis | JLL | 2016
The Minneapolis-St. Paul metro has a unique mix of technological innovation across very diverse industries, including life sciences, retail, and food. Meanwhile, national VC firms have been branching outside of medical devices (MSP’s traditionally strongest tech cluster) when seeking investment opportunities, including local solar panel manufacturers and “Internet of Things” apps. As awareness of MSP’s highly-productive tech economy grows, new occupiers (particularly from more costly real estate markets) will continue to enter the market either via acquisitions or strategic expansion into the Midwest.
Minneapolis–St. Paul Employment Update | September 2016
Minneapolis-St. Paul has the second-lowest unemployment rate in the nation among all large metros, according to the most recent BLS estimates.
Financial services has reached its largest-ever employment count in MSP. The sector has seen steady gains since 2010 and even surpassed pre-Recession highs earlier this year. And once again, MSP achieved record-breaking employment totals for professional and business services, a fundamental component to the metro’s economic growth. Nearly 6,000 jobs have been added in the industry year-over-year.
Nationwide, 151,000 net new jobs were created in August, falling below the 250,000+ monthly additions over the previous two months. Although still at average levels of growth, August demonstrated the continued volatility of the labor market in 2016. Unemployment remained stable at 4.9 percent as growth in the workforce has aligned with employment gains. The Federal Reserve is likely to hold off on the next rate hike due to inconsistent monthly additions and weaker-than-expected wage growth.
Minneapolis-St. Paul Chart of the Week | August 29, 2016
It is widely reported that healthcare will be one of the fastest growing sectors nationwide due to an aging population, and the state of Minnesota is no exception.
Of twenty-two major occupations, DEED projects Minnesota will outperform the nation in job creation on only three: personal care; farming, fishing, and forestry; and production. However, considering that Minnesota already has one of the highest labor force participation rates in the nation and slower-than-average population growth, it is no surprise that other less-developed states will grow at a faster pace.
Minneapolis-St. Paul Chart of the Week | August 22, 2016
Nearly a quarter of a million people in Minneapolis-St. Paul are pursuing a higher education degree. The University of Minnesota alone has over 50,000 enrolled students.
The MSP metro consistently ranks among the most educated places in the U.S. Nationwide, 29 percent of adults have at least a bachelor’s degree, a full 10 percentage points below Minneapolis-St. Paul’s attainment levels. And among younger MSP residents (25 to 44 years old), approximately 45 percent have at least a bachelor’s degree, substantially greater than the national average of 32 percent.
Minneapolis-St. Paul Chart of the Week | August 15, 2016
According to the most recent BLS data, the Minneapolis-St. Paul metro now employs 197,800 workers in manufacturing industries. This is the largest employment count since November 2008 when the region was rapidly shedding jobs in the midst of a global economic recession.
Peak production employment occurred in August 2000, with over 246,000 jobs in MSP. After years of gradual loss and some small rebounds in the early 2000s, manufacturing employment sat just above 200,000 jobs throughout 2007-2008, a number that will likely be achieved in the next year or two as Minneapolis-St. Paul’s labor pool and economy steadily grow. YTD, an average of 500 manufacturing jobs are added every month.
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Minneapolis-St. Paul JLL employment update January 2017
Minneapolis-St. Paul maintains it’s fourth-lowest unemployment rate in the nation among all large metros, according to the most recent BLS estimates.
New workforce highs were achieved in Education and Health Services and Government while professional and Business services have seen a slight pullback from its recent run in growth. Y-O-Y Education and Health Services claims the top spot creating 9,700 jobs over the trailing 12 month period.
Among office using sectors, all have seen a month to month contraction in growth except information which maintains still a negative overall growth rate, losing 300 jobs Y-O-Y.
Nationwide, unemployment dropped by 30bp over the year to 4.7 percent. Declines in unemployment came as a result of a steadily increasing workforce, marginally boosting participation, and job growth outperforming the rate of expansion in the workforce.
Wage growth continues to outpace inflation, reaching highest rate of increase this cycle.
Minneapolis-St. Paul employment update | December 2016
•Minneapolis-St. Paul has the fourth-lowest unemployment rate in the nation among all large metros, according to the most recent BLS estimates.
•Once again, MSP achieved record-breaking employment totals for professional and business services, a fundamental component to the metro’s economic growth. A net total of 8,800 jobs have been added in the industry year-over-year (Y-O-Y).
•While office-using sectors were responsible for 52% of growth this month, educational and health services continue to drive regional employment gains and currently account for 37% of Y-O-Y job growth.
•Nationwide, unemployment dropped by 30bp to a cyclical low of 4.6 percent. This is possible by consistent job growth and a slight decline in the labor force participation rate to 62.7 percent.
•With continued wage growth and inflation now at 1.6 percent, nearing the Federal Reserve’s 2.0-percent target and unemployment at its lowest point since August 2007, the stage has been set for a rate hike by the end of the year.
Minneapolis-St. Paul Chart of the Week | December 12, 2016
Many factors support metro transit ridership, lack of parking at a place of work is certainly one. Where there is a low ratio of available parking to number of workers there is a workforce highly dependent on metro transit. The opposite exists, as visualized above, where space abounds and parking is available.
As the gradient fades from purple to green, overall ridership numbers are visualized, while marker sizes depict a workplace’s total available parking capacity divided by the number of workers to create a normalized ratio
Minneapolis-St. Paul Chart of the Week | December 5, 2016
Metro-region shoppers are planning to spend $918 per household this holiday season, the highest amount since the St. Thomas Holiday Sentiment Survey began 15 years ago. The average is up $68 or 8 percent over last year. It is predicted that that Minneapolis-St. Paul residents will spend a cumulative $1.24 billion this holiday season.
Minneapolis-St. Paul Chart of the Week | November 28, 2016
Last year, over 37 percent of residents in the Twin Cities volunteered, with more than 1 million people giving 88.4 million hours of service worth about $1.9 billion. Increased civic engagement in communities is linked to lower crime rates, lower rates of mental and physical illness, improved academic outcomes for children, and improved employment outcomes for job seekers.
Minneapolis-St. Paul Chart of the Week | November 14, 2016
Data released from the Minnesota Department of Employment and Economic Development (DEED) paints a picture of the current demand for workers in the Minneapolis Metro Area, also providing wage data by industry.
This chart takes a look at the ratio between available jobs as of Q2 2016 and the median wage paid. This look allows for high level snapshot into the balance of employer demand for workers and the wages workers are willing to accept, within the Twin-Cities Metro.
Overall DEED reports 1.2 unemployed person for each vacancy, equivalent to 2015 - which indicates a stable labor market within the State.
Minneapolis-St. Paul Chart of the Week | November 7, 2016
Minnesota’s population is among the most trusting of its state government and is the largest state to have a confidence rate of more than 66%, according to a recent Gallup poll.
There is a strong positive relationship between residents' ratings of their state's economy and their confidence in state government. Certainly an unemployment rate of 4.0%, among the lowest in the nation, is an important factor in Minnesotan’s high confidence in their state government.
JLL Minneapolis-St. Paul Chart of the Week | October 31, 2016
This fall, T3 was the first speculative office development to deliver in Minneapolis since the Recession. What will break ground next? United Properties, Schafer Richardson, Hines, Swervo and CPM Cos. all have proposed developments in the North Loop. It’s only a matter of time until one lands a cornerstone tenant and construction begins again.
Minneapolis-St. Paul Chart of the Week | October 24, 2016
Office product in the CBD area northwest of Nicollet Mall has historically performed better than the southeastern part of the CBD, and that trend has only become more pronounced. Even with T3 delivering fully vacant this quarter, total vacancy on the northwest side of Nicollet is 0.9 million square feet (m.s.f.) with an average building vacancy rate of 12.3%. Comparatively, to the southeast of Nicollet Mall, total office vacancy is 2.9 m.s.f. and the average building vacancy rate is 16.9%.
Minneapolis–St. Paul Employment Update | October 2016
Minneapolis-St. Paul has the fifth-lowest unemployment rate in the nation among all large metros, according to the most recent BLS estimates.
Once again, MSP achieved record-breaking employment totals for professional and business services, a fundamental component to the metro’s economic growth. A net total of 8,300 jobs have been added in the industry year-over-year (Y-O-Y).
While office-using sectors were responsible for 31% of growth this month, educational and health services continue to drive regional employment gains and currently account for 39% of Y-O-Y job growth.
Nationwide, unemployment rose by 10bp to 5.0% in September on the back of rising labor force participation, which also saw a bump to 62.9%. At the same time, initial unemployment claims continue to fall, with the moving average resting near a cyclical low of 250,000 per week.
U.S. job openings have jumped by 3.9% over the year even as employment is only up 1.7%. This signals strong demand by employers but lagging labor force growth that is failing to keep up with demand.
Minneapolis-St. Paul Chart of the Week | October 17, 2016
Hotel development is finally on track to meet demand in the Minneapolis CBD. It is expected that more than 2,000 rooms will be delivered in the next few years. AC Marriott and Embassy Suites opened within the last month along Hennepin Ave; Radisson Red was recently completed near the US Bank Stadium. The Nordic-themed 124-room Hewing Hotel in the North Loop is slated to open in November.
Thresher Square and Federal Plaza were both formerly used for office. After recent acquisitions, the historic buildings will be respectively redeveloped into a Canopy by Hilton and a new boutique inn.
Minneapolis-St. Paul Chart of the Week | October 10, 2016
Los Angeles-based Colony Capital REIT spent $62.5 million for four bulk warehouse properties totaling just over 899,000 square feet and averaging $69.57 per square foot (p.s.f.). TA Realty of Boston was the seller. The trade, which occurred in early July, greatly boosted local industrial sales for Q3 to a total of $206.2 million and made it the highest performing quarter year-to-date.
The four transacted properties included Xenium Distribution Center in Plymouth, Highway 55 Distribution Center in Eagan, Minnesota Valley Distribution Center II in Shakopee, and 6240 Carmen in Inver Grove Heights.
Minneapolis-St. Paul Chart of the Week | October 3, 2016
Currently, just over 12,000 people living in the Minneapolis CBD are 20-34 years old and make up the largest share of the total population of 29,200. In the next five years, the share of Millennials living downtown is expected to grow to 45% of the total population. Within the same timeframe, the average household income among downtown dwellers is expected to jump from $85,000 to $95,000. The Minneapolis CBD includes the North Loop neighborhood, which Forbes recently ranked among its Top Ten “Best Cities and Neighborhoods” for Millennials.
Minneapolis-St. Paul Chart of the Week | September 19, 2016
Although the third quarter of 2016 only saw four transactions for office buildings at least 50,000 square feet in size, the average price per square foot increased 82 percent quarter-over-quarter. This is largely due to the sale of Ameriprise Financial Center, which sold for $200 million to Florida-based Morning Calm Management at the end of August. The transaction is the largest deal of the year, surpassing the $82 million sale of PwC Plaza (formerly known as Plaza Seven) back in June.
Expect more transaction volume in Q4, as there are already four pending sales totaling $37.7 million.
Minneapolis-St. Paul Chart of the Week | September 12, 2016
From 2010 to 2015, Minneapolis-St. Paul added 169,043 net new people to its population total, a growth rate of 5.0 percent. The average growth rate for all U.S. metros during that same period was 4.6 percent. MSP’s gains are largely due to a healthy ratio of births to deaths and an increase in foreign immigration.
In general, metro areas in the Midwest and Northeast are seeing slower population growth than the rest of the nation, particularly compared to the South. Minneapolis-St. Paul’s Midwest peers like Chicago, St. Louis, and Detroit all saw single-digit growth over the last five years.
US Technology Outlook | Minneapolis | JLL | 2016
The Minneapolis-St. Paul metro has a unique mix of technological innovation across very diverse industries, including life sciences, retail, and food. Meanwhile, national VC firms have been branching outside of medical devices (MSP’s traditionally strongest tech cluster) when seeking investment opportunities, including local solar panel manufacturers and “Internet of Things” apps. As awareness of MSP’s highly-productive tech economy grows, new occupiers (particularly from more costly real estate markets) will continue to enter the market either via acquisitions or strategic expansion into the Midwest.
Minneapolis–St. Paul Employment Update | September 2016
Minneapolis-St. Paul has the second-lowest unemployment rate in the nation among all large metros, according to the most recent BLS estimates.
Financial services has reached its largest-ever employment count in MSP. The sector has seen steady gains since 2010 and even surpassed pre-Recession highs earlier this year. And once again, MSP achieved record-breaking employment totals for professional and business services, a fundamental component to the metro’s economic growth. Nearly 6,000 jobs have been added in the industry year-over-year.
Nationwide, 151,000 net new jobs were created in August, falling below the 250,000+ monthly additions over the previous two months. Although still at average levels of growth, August demonstrated the continued volatility of the labor market in 2016. Unemployment remained stable at 4.9 percent as growth in the workforce has aligned with employment gains. The Federal Reserve is likely to hold off on the next rate hike due to inconsistent monthly additions and weaker-than-expected wage growth.
Minneapolis-St. Paul Chart of the Week | August 29, 2016
It is widely reported that healthcare will be one of the fastest growing sectors nationwide due to an aging population, and the state of Minnesota is no exception.
Of twenty-two major occupations, DEED projects Minnesota will outperform the nation in job creation on only three: personal care; farming, fishing, and forestry; and production. However, considering that Minnesota already has one of the highest labor force participation rates in the nation and slower-than-average population growth, it is no surprise that other less-developed states will grow at a faster pace.
Minneapolis-St. Paul Chart of the Week | August 22, 2016
Nearly a quarter of a million people in Minneapolis-St. Paul are pursuing a higher education degree. The University of Minnesota alone has over 50,000 enrolled students.
The MSP metro consistently ranks among the most educated places in the U.S. Nationwide, 29 percent of adults have at least a bachelor’s degree, a full 10 percentage points below Minneapolis-St. Paul’s attainment levels. And among younger MSP residents (25 to 44 years old), approximately 45 percent have at least a bachelor’s degree, substantially greater than the national average of 32 percent.
Minneapolis-St. Paul Chart of the Week | August 15, 2016
According to the most recent BLS data, the Minneapolis-St. Paul metro now employs 197,800 workers in manufacturing industries. This is the largest employment count since November 2008 when the region was rapidly shedding jobs in the midst of a global economic recession.
Peak production employment occurred in August 2000, with over 246,000 jobs in MSP. After years of gradual loss and some small rebounds in the early 2000s, manufacturing employment sat just above 200,000 jobs throughout 2007-2008, a number that will likely be achieved in the next year or two as Minneapolis-St. Paul’s labor pool and economy steadily grow. YTD, an average of 500 manufacturing jobs are added every month.
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Minneapolis-St. Paul JLL employment update January 2017
Minneapolis-St. Paul JLL employment update January 2017
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Minneapolis-St. Paul employment update | December 2016
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Minneapolis-St. Paul Chart of the Week | December 12, 2016
Minneapolis-St. Paul Chart of the Week | December 5, 2016
Minneapolis-St. Paul Chart of the Week | December 5, 2016
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Minneapolis-St. Paul Chart of the Week | November 28, 2016
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Minneapolis-St. Paul Chart of the Week | November 14, 2016
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Minneapolis-St. Paul Chart of the Week | November 7, 2016
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Minneapolis-St. Paul Chart of the Week | October 24, 2016
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Minneapolis-St. Paul Chart of the Week | October 10, 2016
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