One of the significant changes occurring in the downtown Saint Paul area over the past six years has been the rapid expansion in the residential population. From 2010 to 2016 the number of people calling the Saint Paul CBD home has increased from 4,862 to 8,437, resulting in a growth rate of 74%. This change is being driven by a higher occupancy levels in both owner occupied and rental units, and the construction of 1,155 apartments during this time period.
As this data demonstrates, the national trend toward “reurbanization” is having a significant impact on downtown Saint Paul. More people living in a downtown environment increases the demand for retail and entertainment. In the long run, growth in these categories will begin to fuel greater demand for office space. This is why residential growth can be a precursor to an improved office market.
|Year||Owner Occupied Units||Rental Units||Total Units||Owner Occupied Pop||Rental Pop||Total Pop|
Residential data provided by Maxfield Research