Why Minnesota retail real estate is faring better than rest of US
- Blog Post by: Janet Moore
- September 11, 2013 - 11:58 AM
All around the country, construction activity has slowed considerably, according to a new report on retail development issued by Colliers International. In the U.S., only 719,814 square feet of new shopping center space was built in the second quarter. Another 7.3 million square feet, however, is under construction.
But there's one bright spot, the report says: Minnesota.
The Twin Cities leads the nation with some 1.2 million square feet of retail space under construction, and 85,056 square feet that were delivered in the first half of this year. The main reason is the outlet mall currently under construction in Eagan, which will span more than 400,000 square feet of space, with tenants Saks Off 5th, Gap, and Brooks Brothers.
Janet Moore covers commercial real estate for the Star Tribune.
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