Office W Minnesota

The Big Game then and now: CRE looks a lot different in Minneapolis today

The Big Game then and now: CRE has changed in Minneapolis,ph01

Minnesota will be the center of the sports world on Feb. 4, when the Midwest city hosts Super Bowl LII (52, for those not into Roman numerals) at U.S. Bank Stadium. This is the first time the city has hosted the big game since 1992.

What’s changed here in the 26 years between Super Bowls? Cushman & Wakefield recently sent out an interesting report looking at how commercial real estate in the Twin Cities has changed from 1992 until 2018. The biggest change? Cushman reports that six of the 13 tallest buildings in the city have been added to the Minneapolis skyline since 1992.

These buildings are Target Plaza South, added in 2001; Ameriprise Financial Tower in 2000; Capella Tower in 1992; RBC Plaza in 1992; US Bankcorp Center in 2000; and The Carlyle in 2007.

During the same time, several key landmarks and sports venues have been added to Minneapolis, too. As Cushman reports, since 1992, the Minneapolis area has seen the arrival of Mall of America (this tourist draw first opened in 1992), XCEL Energy center, TCF Bank Stadium, CHS Field and US Bank Stadium.

And that’s just the beginning of how the Twin Cities area has changed since its last Super Bowl. As of the first quarter of 1992, the Minneapolis market had 45.9 million square feet of office space. In the first quarter of 2018, it has 73.6 million square feet.

Keeping with trends, companies in the Twin Cities are cramming more workers into their office space. In 1992, companies fit an average of 221 people into offices the size of a 100-yard football field, Cushman said. That came out 260 square feet per worker. In 2018, companies cram an average of 384 people into offices of the same size. That comes out 150 square feet per worker.

Landing the Super Bowl will undoubtedly be a coup for the city, and that’s especially true if the hometown Minnesota Vikings, who are a playoff favorite with their 13-3 record, make it to the championship. Cushman reported that the Super Bowl is expected to create a $400 million impact on Minnesota businesses. Each non-resident visitor is expected to spend $625 a day while in the city.

Overall, the Twin Cities expects to attract more than 1 million guests during the Super Bowl weekend. They also expect 5,000 journalists and media members to descend upon the area.