Q4 2020 Minneapolis Market Report

Minneapolis/St. Paul, collectively referred to as the Twin Cities, is the 16th largest MSA with approximately 3.6 million residents and home to 17 fortune 500 public companies’ headquarters. The Twin Cities is also ranked highly for quality of life, labor force participation, health care, and workforce quality. The Minneapolis/St. Paul Office Market started the year off stable with an unemployment rate of 3.1% and projected GDP growth that was expected to continue to outperform the national economy. Minnesota’s job market has improved significantly over the past two quarters as the nation continues to recover from the negative impacts brought on by COVID-19. In November of 2020 Minnesota’s unemployment rate had improved to 4.4%, roughly 2 percentage points below the national average of 6.7%.