The industrial summary identifies trends in the industrial property market including median property value and percent changes compared to previous years.

Market Summary

At the end of 2023, the local industrial market continued to experience a very low overall vacancy rate of near 4%. This is a slight increase over the previous year, due mainly to several new industrial projects being delivered in the metro area market in early 2023. With limited new planned construction both in the metro area and Ramsey County, vacancies are expected to remain low. In an environment of continued strong demand, it is expected this will lead to continued rent growth. Rent growth is also being influenced by increased tenant build-out costs and the pandemic related boom in e-commerce demand.
After sizable value increases for the 2023 assessment, slowing sales activity has led to more stability in values for 2024. Some of the slowing in the investment sales market could be a reflection of the capital markets environment, which is still experiencing elevated interest rates. However, there are early signs that sales activity is beginning to rebound.
Overall, demand for industrial space remains particularly strong in Ramsey County. Its central location, excellent freeway access and lack of developable land give the foundations for a strong industrial market for the foreseeable future.

Estimated Market Value Totals

Estimated market value percent changes from 2023 to 2024 assessments.

Median Estimated Market Value

Visit the property value and assessment page for more information.