Traffic into Downtown Minneapolis and St. Paul continues to rebound

• Utilizing Placer.ai data, Avison Young analyzed weekday vehicular and pedestrian traffic during the fourth quarter from 2019 to 2023 at 21 entry points into Minneapolis CBD/North Loop and St. Paul CBD to understand recovery patterns within the market’s urban office submarkets. Generally, after a significant dip in 2020, all submarkets have seen traffic increase each year to over 75% of pre-pandemic averages.
   
• Minneapolis’ CBD has seen the highest recovery as traffic into the CBD weekdays is nearly 80% of Q4 2019. Traffic into the CBD from the Hennepin Ave Bridge and southbound on I-35W (Exit 17C) have rebounded faster than the submarket’s average, while traffic from I-394 onto N 2nd Ave has rebounded the slowest.
   
• North Loop saw a recovery to over 75% of Q4 2019 traffic in 2021 and has remained at a consistent level since then, indicative of the mixed-use development in the area but hesitation of market residents to return fully.  With new office developments, like the currently under construction North Loop Green, set to come online in the next few years, there is an expectation for traffic to exceed pre-pandemic averages.
   
• St. Paul’s CBD recovered to 77% of it’s Q4 2019 traffic levels, with traffic along Cedar Street and Saint Peter Street recovering to just over 50% pre-pandemic levels, potentially indicative of the state government’s return to office.  Conversely, traffic along Wabasha Street bridge, Kellogg Ave, and exiting I-94 onto W 5th St are all above St. Paul’s CBD recovery average.

February 28, 2024

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