Anoka County Real Estate Summit Held at TPC
On December 5, the development community packed the room for the annual Anoka County Real Estate Summit. Updates were provided on the state of housing, commercial real estate, and economic development challenges facing the North Metro.
This year saw incredible growth in industrial metro wide with 10 million square feet being delivered with an additional 13 million square feet of demand. However, new building is slowing with the high interest rates. Office vacancy in the northeast portion of the Twin Cities metro (including Anoka County) sits at about 8 percent, but metro wide office vacancy is over 20 percent leading to opportunities for redevelopment. Retail remains strong with low vacancies in suburban downtowns and housing is still experiencing strong demand in Anoka County.
The event also addressed industry challenges such as childcare shortages, layoffs, and high interest rates. Overall, the outlook for development in the near and mid-term are positive, especially with the anticipation of interest rates dropping in 2024.