One of the significant changes occurring in the downtown Saint Paul area over the past eight years has been the rapid expansion in the residential population. From 2010 to 2018 the number of people calling the Saint Paul CBD home has increased from 4,862 to 9,457 resulting in a growth rate of 95%. This change is being driven by a higher occupancy levels in both owner occupied and rental units, and the construction of 2,328 apartments during this time period. Apartments have a vacancy rate of 3.8%. Since 2010 the total number of apartments in downtown has grown by 64%.
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