MINNEAPOLIS — In 2024, downtown Minneapolis achieved a significant milestone by surpassing a population of 60,000 residents for the first time, according to the Minneapolis Downtown Council.
Last year, the central business district welcomed approximately 2,000 new residents, bringing the total population to 60,549. This represents a 3.7% increase compared to the previous year.
“Downtown Minneapolis is on the rise,” exclaimed Minneapolis Mayor Jacob Frey in a social post. “From ambitious riverfront redevelopment to innovative office and housing projects, Minneapolis is surging while other cities struggle to reinvigorate their downtowns. Let’s keep building a more vibrant, welcoming Downtown —together.”
This population growth marks an important achievement for the city and highlights the continuous efforts in urban revitalization and development.
Adam Duininck, President and CEO of the Minneapolis Downtown Council, emphasized the positive progress during the organization’s 69th annual meeting at the Armory.
“There’s a lot of energy coming out of 2024,” Duininck told a crowd of around 1,000 attendees. “We’re building on that momentum with a clear vision of what’s next. We even have the biggest room we’ve had since Covid.”
The residential growth in downtown Minneapolis is part of a larger urban revitalization and development trend. Since 2017, the downtown population has increased by over 39%, rising from 43,456 residents. This growth has been driven by a combination of new housing developments, enhanced amenities, and a renewed focus on fostering a vibrant urban environment.
John Marshall, a regional vice president at Xcel Energy and the new chair of the Minneapolis Downtown Council, expressed optimism about downtown’s future.
“The residential growth alone is staggering,” Marshall said. “Our city is very much evolving, and with continued collaboration and investment from each of you, we’re going to have the opportunity to build a vibrant, dynamic, and thriving downtown together.”
Despite positive trends in residential growth, downtown Minneapolis is encountering challenges in the commercial real estate sector. In 2024, the area saw a net loss of 112,143 square feet of office space, even though there were 15 relocations into downtown and 20 lease renewal transactions. Barry Stoffel of Gardner Builders highlighted the trend of investing in downtown real estate through renovations, as exemplified by the changes at the Northstar Center.
The Minneapolis Downtown Council stated that they are dedicated to achieving the ambitious goals set forth in their 2035 strategic plan. This plan includes redeveloping the Mississippi Riverfront and attracting new residents and businesses to the area. As the city progresses, their emphasis will be on maintaining momentum to ensure that downtown Minneapolis continues to be a vibrant and thriving urban center.
