By Mike Koehler & Brad Mateer
Soaring Minnesota Industrial Market Continues To Persist
With an estimated nearly 5.3 million sq. ft. under construction in Minnesota, industrial supply is trying to keep up with demand. Construction costs and delays in material are not stopping the widely quoted, “gem of the market” in Minnesota. E-commerce and bulk distribution warehouses continue its rapid expansion due to increasing consumer access to online purchases. The massive demand for rapid delivery has impacted companies locations, size, and square footage of space. The supply chain is slowly catching up with the ever-growing demand. In 2022 we are hoping to see steel and lumber prices come back to some normalcy (although it is doubtful they will ever return to pre-covid pricing), which in turn will increase supply to meet this demand.