Minneapolis St Paul, Minnesota

Section 01Executive Summary

Minneapolis and Saint Paul together anchor a diversified upper Midwest economy with a large and stable population, above average incomes, and relatively balanced housing construction, which together create a resilient context for multifamily, single family rental, and commercial real estate investment.

The Minneapolis Saint Paul Bloomington metropolitan statistical area, spanning counties in Minnesota and Wisconsin, had a population of about 3.7 million in 2024, making it the sixteenth largest metro in the United States, according to United States Census Bureau data. The metro unemployment rate was 4.4 percent in June 2026 on a not seasonally adjusted basis, with a labor force of 2,086,846 and 91,717 unemployed, up from 3.8 percent a year earlier, according to the United States Bureau of Labor Statistics, while metropolitan gross domestic product reached about 350,710.432 million dollars in 2023 in current dollars, according to the United States Bureau of Economic Analysis.

Within the core cities, Census Bureau data for the 2019 through 2023 period show Minneapolis with a median household income of 80,269 dollars, a median value of owner occupied homes of 345,600 dollars, a median gross rent of 1,329 dollars per month, and a renter majority at 52.0 percent of occupied units, while Saint Paul had a median household income of 73,055 dollars, a median home value of 280,300 dollars, and a median gross rent of 1,248 dollars. The metro is therefore more attainable than coastal gateway markets on an income adjusted basis, even as affordability pressures have risen.

On the rental side, Yardi Matrix reports that the average advertised asking rent in the Twin Cities was 1,621 dollars per month as of March 2026, up 2.5 percent year over year and among the stronger paces nationally, with stabilized occupancy near 95.2 percent. On the commercial side, Twin Cities office vacancy was elevated in the low to mid twenties, roughly 22 to 25 percent in early 2026, while industrial vacancy remained tight near 4.4 percent, reflecting the metro role as an upper Midwest freight and distribution node.

For accredited investors, the key message is that Minneapolis Saint Paul offers structural stability, reasonable entry pricing relative to income levels, and balanced supply, offset by climate risk related to cold weather and flooding, relatively high state taxes, and pockets of neighborhood level disinvestment that require careful underwriting.

Section 02Population and Migration

The Twin Cities region is one of the larger metropolitan areas in the northern United States, with the cities of Minneapolis and Saint Paul at its core and a ring of suburban municipalities across several counties.

United States Census Bureau data place the Minneapolis Saint Paul Bloomington metro population at about 3.7 million in 2024, up from about 3.34 million in 2010, an increase of roughly 12 percent over that period, a measured pace of growth rather than a boom or bust. The city of Minneapolis had about 426,845 residents on the American Community Survey five year 2019 through 2023 basis and an estimated 428,579 as of July 2024, while Saint Paul had about 307,000 residents on the ACS basis and an estimated 303,820 as of mid 2023.

The population of Minneapolis skews younger than the national average, with a notable share of residents in their twenties and thirties, consistent with the city role as a regional education, employment, and cultural hub. Saint Paul has a somewhat more family oriented profile but also includes substantial student and young adult populations. Both cities have substantial communities of recent immigrants and refugees, especially from East Africa and Southeast Asia, alongside long standing European and African American populations.

Migration in recent years reflects net in migration to the broader metro from rural Minnesota, the Dakotas, and parts of Wisconsin and Iowa, partially offset by net out migration toward warmer and lower cost regions, a pattern similar to other cold weather metros. Public reporting from Redfin indicates that a nontrivial share of Twin Cities home searchers look at Sun Belt destinations while some inbound interest comes from more expensive coastal regions. For investors, the key point is that the region has remained a steady population center without the extreme growth of some Sun Belt regions but also without the sustained declines seen in certain legacy industrial cities, which supports long term demand for both rental and ownership housing.

Section 03Jobs and Economic Anchors

The economy of Minneapolis Saint Paul is unusually diversified for a metro of its size, with a mix of corporate headquarters, healthcare and medical technology, higher education, manufacturing, logistics, and financial services.

Bureau of Labor Statistics data for the Minneapolis Saint Paul Bloomington metro show a June 2026 labor force of 2,086,846 with 91,717 unemployed and an unemployment rate of 4.4 percent on a not seasonally adjusted basis, up from 3.8 percent in June 2025 as the labor force edged lower.

Metro employment was up about 29,589 jobs, or 1.5 percent, over the year through June 2026, according to the Minnesota Department of Employment and Economic Development. The metro is home to numerous Fortune 500 and large private companies in retail, food, financial services, industrials, and healthcare, and these corporate anchors support substantial office employment and a wide vendor and supplier ecosystem. Major hospital systems and medical device manufacturers add another layer of stability, and higher education institutions across the region contribute both direct employment and a steady flow of students and early career renters.

On the output side, Bureau of Economic Analysis data indicate that total nominal gross domestic product for the metro reached about 350,710.432 million dollars in 2023 in current dollars, on an annual not seasonally adjusted basis, confirming the region as one of the larger metropolitan economies in the country and reflecting high output per worker. For real estate investors, this diverse base translates into a tenant population that includes both high wage professionals and a large service workforce, supporting product types from luxury downtown apartments to workforce housing and neighborhood retail.

Section 04Income

Household incomes in Minneapolis Saint Paul sit above the United States median, though with meaningful internal disparities by race, neighborhood, and tenure.

American Community Survey data and Census QuickFacts for the 2019 through 2023 period report the income measures below for the two core cities. In Minneapolis, median household income rose by about 17,686 dollars, or roughly 28 percent, since the 2019 ACS estimate.

Despite relatively high median incomes, income inequality is present and has grown in some segments, with strong wage gains among professional and managerial workers at major employers while many service workers in hospitality, retail, and personal services earn more modest wages. The region shows a large share of adults with bachelor degrees and above, particularly in central neighborhoods and near universities and corporate campuses. From an investment perspective, these characteristics mean a deep pool of potential tenants for high quality market rate multifamily product, alongside a persistent need for affordably priced units for lower and moderate income households.

Section 05Housing and Multifamily

The housing stock in the Twin Cities is a mix of older urban neighborhoods, mid century suburbs, and newer greenfield and infill developments, with multifamily and rental housing playing a significant role alongside single family homes.

Census Bureau data show that the core cities are renter heavy while the broader metro is more owner occupied. Minneapolis had 203,217 total housing units with 48.0 percent owner occupied and 52.0 percent renter occupied and an overall housing vacancy rate of 7.0 percent, while Saint Paul was 53.2 percent owner occupied. The age of the housing stock in both cities is generally older than the national average, with many units built before 1960 in central neighborhoods, while suburban counties have newer housing.

The cities have long histories of duplexes, triplexes, and small apartment buildings, which create a sizable missing middle segment. Recent zoning reforms in Minneapolis, which drew national attention, allowed more small scale multifamily and accessory dwelling units in previously single family zones. Early evidence suggests that the immediate volume of new construction directly attributable to these reforms has been modest, but the policy direction signals an openness to incremental density.

On the institutional side, Yardi Matrix reports that Twin Cities fundamentals remained healthy in early 2026, with the average advertised asking rent at 1,621 dollars per month as of March, up 2.5 percent year over year, and stabilized occupancy near 95.2 percent as of February, which implies a vacancy rate around 4.8 percent. For investors targeting multifamily, this means the Twin Cities offer a breadth of product ages and classes, from vintage buildings with repositioning potential to newer stabilized assets in walkable urban locations and suburban garden style communities.

Section 06Rents

Rents in Minneapolis Saint Paul are generally more affordable relative to income than in coastal gateway markets, yet they have risen over the last decade and increased cost burdens for lower income tenants.

United States Department of Housing and Urban Development fair market rents for the Minneapolis Saint Paul Bloomington metro for fiscal year 2026 set the two bedroom standard at 1,709 dollars per month, up 1.4 percent from fiscal year 2025, with the full schedule shown below. These represent the fortieth percentile of gross rents for standard quality units.

For institutional apartments, the Yardi Matrix average advertised asking rent of 1,621 dollars per month as of March 2026, up 2.5 percent year over year, placed the Twin Cities fourth among the thirty largest United States markets for annual rent growth. Census measures show median gross rents of 1,329 dollars in Minneapolis and 1,248 dollars in Saint Paul for the 2019 through 2023 period, with 37.0 percent of Minneapolis renter households paying at least 30 percent of income toward gross rent, a common cost burden threshold. This reflects both the presence of many households with modest incomes and rent growth that has outpaced income growth for some segments.

For investors, the rent environment reflects relatively stable cash flow conditions in the near term, but it also calls for caution in underwriting further aggressive rent increases, especially in older or more affordable properties that serve lower income tenants.

Section 07Vacancy

Vacancy dynamics in the Twin Cities have tended to be moderate and cyclical rather than extreme.

In the institutional multifamily segment, Yardi Matrix reports stabilized occupancy near 95.2 percent as of February 2026, down about 10 basis points over twelve months, which implies a vacancy rate around 4.8 percent, consistent with a broadly balanced market. This contrasts sharply with the commercial office segment.

On the commercial side, Twin Cities office vacancy was elevated and rising in early 2026, at about 22.5 percent per Colliers in the second quarter of 2026 and 25.2 percent per CBRE in the first quarter, reflecting remote and flexible work arrangements and corporate space rationalization, with downtown Minneapolis and midrange buildings weaker than higher quality assets. Industrial vacancy, by contrast, remained tight at about 4.4 percent in the second quarter of 2026 per CBRE, reflecting steady distribution and manufacturing demand. A single published citywide retail vacancy figure is not presented here, but brokerage commentary describes grocery anchored and necessity retail as relatively resilient.

Overall, the multifamily and industrial segments remain roughly in balance while office is clearly oversupplied, with considerable variation by submarket and asset quality that investors must analyze through current data sources.

Section 08Supply Pipeline

Housing and commercial supply pipelines in Minneapolis Saint Paul reflect both regulatory realities and market demand.

On the residential side, the Twin Cities approved and constructed a significant number of multifamily units in the years leading up to 2020, particularly in central neighborhoods and select suburban nodes, and permitting has remained active though not at levels seen in boom Sun Belt markets. That the Yardi Matrix stabilized occupancy held near 95.2 percent while rents grew 2.5 percent year over year indicates that recent deliveries have largely been absorbed by steady tenant demand. State and regional agencies, including Minnesota Housing, have emphasized the need to increase housing production for affordable and workforce housing, using incentive programs and public private partnerships that influence pipeline composition and timing.

In the commercial realm, the office development pipeline has slowed markedly as tenants reassess space needs and office vacancy sits in the low to mid twenties, while industrial construction remains active along key logistics corridors near interstates, rail lines, and the international airport, even as industrial vacancy has ticked up modestly to about 4.4 percent as new space delivers. Retail development has focused on smaller format infill projects and renovations rather than large scale new regional malls. For investors, the moderate residential pipeline suggests that future supply pressure on rents and vacancy is manageable at the metro level, though specific submarkets with clustering of new projects must be monitored.

Section 09Single Family Homes

Single family homes constitute a large share of the housing stock in the Twin Cities, especially outside the urban cores, and play a central role in both ownership and rental markets.

Redfin reports that over the three months ending June 2026 the median sale price in Minneapolis was about 370,000 dollars, up 2.5 percent compared with the same period a year earlier, with homes receiving about three offers on average, selling in around 20 days compared with 17 days a year earlier, and going for about 1 percent above list price. Statewide, Minnesota home prices were up about 1.0 percent year over year in June 2026 to a median of 373,830 dollars, with 6,080 homes sold.

Relative to coastal metros, the Twin Cities still offer more attainable home prices for middle income households, but rising prices and higher borrowing costs have created affordability challenges, especially for first time buyers, which supports demand for single family rentals. The single family rental market includes small local landlords, regional operators, and some institutional players with scattered site portfolios, often in inner ring suburbs and older city neighborhoods that may require ongoing capital investment. From an investment perspective, the segment may offer a path to relatively stable cash flow where acquisition prices remain aligned with local incomes, but investors must factor in property taxes, maintenance in a cold climate, and neighborhood level risk, and no particular outcome is assured.

Section 10Commercial Real Estate and Retail Centers

Commercial real estate in Minneapolis Saint Paul spans downtown office towers and healthcare campuses, industrial parks, and neighborhood retail. Early 2026 fundamentals across the major segments are summarized below.

Office markets in the downtowns of Minneapolis and Saint Paul and across suburban corridors have seen increased vacancy and slower leasing since the onset of remote work, with vacancy of about 22.5 percent per Colliers in the second quarter of 2026 and higher on some definitions, and sublease space elevated. Leasing remains concentrated in well capitalized, higher quality assets while midrange buildings struggle, so office is in a period of adjustment with potential repositioning opportunities for investors and elevated risk for commodity properties.

Industrial and logistics properties have fared far better, with vacancy near 4.4 percent in the second quarter of 2026 supported by the region role as an upper Midwest distribution hub and its manufacturing base, especially near major interstates, rail lines, and the international airport, and tenants have shown a clear preference for modern facilities built in 2022 or later. Retail is bifurcated, with grocery anchored community and neighborhood centers generally maintaining occupancy and cash flow while some enclosed malls and power centers have lost tenants or undergone repositioning. For investors, industrial and necessity retail have tended to be more defensive asset classes here, while office and discretionary retail require careful asset specific analysis and often a repositioning plan; no particular outcome is assured.

Section 11Transactions and Capital Markets

Capital flows into Minneapolis Saint Paul real estate reflect the metro position as a stable but not speculative market.

Transaction activity slowed during periods of interest rate increases and capital markets volatility but did not collapse, and institutional and private buyers have remained active in multifamily and industrial segments, particularly for well located, stabilized properties with durable income streams. Cap rates in the Twin Cities have historically been higher than in coastal gateway markets with similar tenant quality, and over the last two years higher interest rates and increased risk premiums have pushed cap rates upward, meaning lower prices per unit of income in many segments. A single published cap rate series by property type is not presented here, so entry and exit yields are set against current comparable sales and lender feedback.

Debt markets for the region have remained accessible, with local and national lenders active but more conservative on leverage and debt service coverage, and government sponsored enterprises such as Fannie Mae and Freddie Mac continue to provide a significant share of multifamily financing. Investors should expect somewhat higher going in yields than in the most expensive coastal cities but must accept more modest appreciation upside and a greater need for active asset management.

Section 12Taxes

Tax considerations in Minnesota and the Twin Cities have both statewide and local dimensions.

Minnesota levies a progressive state individual income tax with a top marginal rate of 9.85 percent and a corporate franchise tax of 9.8 percent, both among the higher rates in the United States, along with a general sales and use tax of 6.875 percent, according to the Minnesota Department of Revenue.

Local property taxes are administered by counties and municipalities, including Hennepin County for Minneapolis and Ramsey County for Saint Paul, and are applied to assessed values under statutory frameworks. Minnesota does not have a statewide property tax cap similar to certain western states, so local tax burdens can change over time in response to budget needs and property valuation changes, and property tax expense is a major component of operating costs that must be modeled carefully. Transfer taxes, special assessments, and other local fees can also affect transactions, particularly in redevelopment scenarios, and must be examined asset by asset during due diligence.

Section 13Insurance

Insurance considerations in Minneapolis Saint Paul relate mainly to severe winter weather, hail, tornadoes in the broader region, and flooding along rivers and lakes.

The property insurance market in Minnesota is generally more stable than in some coastal and wildfire prone states, but carriers still adjust premiums and coverage terms based on loss experience and evolving climate risk models. A single published average homeowners or commercial property premium specific to the Twin Cities is not presented here, so investors should obtain property specific quotes. Winter storms and associated risks such as ice dams, roof collapse from snow load, and frozen pipes are central concerns, and older buildings that have not been upgraded for modern insulation, roofing, and mechanical systems may face higher risk and higher insurance costs. Hail storms and occasional tornadoes can also cause roof and exterior damage.

Flood risk is focused on areas near the Mississippi River, the Minnesota River, and smaller water bodies. FEMA flood insurance rate maps identify Special Flood Hazard Areas across the region where flood insurance is required for mortgaged properties, and FEMA does not publish a single metro level percentage of land or structures in such zones, so flood exposure is assessed parcel by parcel. Overall, insurance is a manageable but nontrivial operating cost, and investors should not assume that past insurance expenses on historical statements fully capture current market premiums.

Section 14Landlord Tenant and Regulatory Environment

Minnesota landlord tenant laws and local regulations in Minneapolis and Saint Paul shape the operating environment for rental properties.

At the state level, Minnesota law defines lease requirements, notice periods, security deposit rules, maintenance obligations, and eviction procedures. Compared with some coastal states, Minnesota is often regarded as balanced, with clear tenant protections and defined processes that still allow landlords to enforce leases when properly documented.

At the local level, Minneapolis and Saint Paul have enacted or considered various measures related to renter protections and housing affordability, including requirements around notice for rent increases, tenant screening criteria, and tenant relocation assistance in some building conversions or large scale renovations. Both cities have debated or implemented policies touching on rent stabilization, and the exact form and legal status of such measures can change based on court decisions and state legislation, so investors must conduct property specific and current legal review rather than relying on any single summary. Investors should understand that the regulatory environment is more active on tenant protection and housing affordability than in many Sun Belt markets but less restrictive than the most constrained coastal jurisdictions.

Section 15Infrastructure

Infrastructure in the Twin Cities supports its role as a regional center for commerce, transportation, and culture.

Minneapolis Saint Paul International Airport served about 36.1 million passengers in 2025, down roughly 3 percent from about 37.2 million in 2024 as airlines adjusted flight activity, though international travel set a record at about 3.61 million passengers, or 10 percent of the total, according to the Metropolitan Airports Commission. The airport is a major hub for the upper Midwest, and freight and passenger rail lines connect the metro to national networks while the Mississippi River supports some barge traffic.

An extensive freeway network of interstates and state highways links the cities to suburbs and neighboring states, with peak hour congestion and weather related disruptions influencing commuting patterns and the desirability of transit oriented development. The region has invested in light rail and bus rapid transit, with lines connecting the downtowns, the airport, the Mall of America, and key employment and educational corridors, alongside local bus networks and emerging bike and pedestrian infrastructure. For investors, proximity to transit, major roads, and employment centers remains a key determinant of demand and asset performance, and properties in areas prioritized for infrastructure investment may see more durable appreciation and tenant interest.

Section 16Climate and Physical Risks

Climate in Minneapolis Saint Paul is characterized by cold, snowy winters and warm summers, with associated physical risks that affect buildings and operations.

Winter brings extended periods of freezing temperatures, snow, and ice, which create risks for building systems, roofs, and exterior surfaces, so proper design, insulation, and maintenance are critical to prevent frozen pipes, ice dams, and structural strain from snow load. These conditions also influence tenant preferences for indoor amenities and covered parking and raise operating costs for heating and snow removal.

Spring thaws and heavy rainfall events can create flooding risks along rivers and lakes and in low lying neighborhoods, and FEMA flood risk designations and historical records must be consulted when evaluating specific sites, especially those near major waterways. Summer can bring heat waves and severe storms, including thunderstorms with hail and strong winds that damage roofs, windows, and exterior finishes and stress cooling systems. Climate change is expected to amplify many of these patterns, with more intense rainfall episodes, warmer winters with more freeze thaw cycles, and more frequent heat waves, so investors should favor assets with resilient building systems, modern envelopes, and appropriate drainage and budget for higher long term capital expenditures related to climate adaptation.

Section 17Neighborhoods and Submarkets

The Twin Cities region is composed of distinctive neighborhoods and submarkets that differ in housing stock, incomes, demographic profiles, and investment dynamics.

Within Minneapolis, neighborhoods such as the North Loop, the Mill District, and other areas near the riverfront have seen substantial multifamily and mixed use development, with new construction apartments and adaptive reuse of historic warehouses, attracting younger professionals and higher income renters and supporting higher rent levels and lower cap rates. Other Minneapolis neighborhoods, including parts of North Minneapolis, Powderhorn, and Phillips, contain older housing stock, lower median incomes, and higher shares of renters, and face challenges related to disinvestment, infrastructure needs, and public safety, but may present value add opportunities when approached thoughtfully with local stakeholders.

In Saint Paul, neighborhoods near downtown, along the river, and near universities mix older multifamily buildings, single family homes, and institutional uses, with a walkable older street grid that can be attractive for renters seeking urban amenities. Suburban municipalities across Hennepin, Ramsey, Dakota, Anoka, and Washington and other counties range from affluent, largely owner occupied communities to inner ring suburbs with increasing rental concentrations and opportunities for redevelopment of aging commercial corridors. Because performance and risk vary significantly within the metro, investors must perform location specific analysis, including household incomes, safety, and school quality, at the tract and neighborhood level.

Section 18Opportunities

Several opportunity themes emerge for accredited investors considering Minneapolis Saint Paul.

First, stabilized multifamily assets in strong central neighborhoods and select suburban nodes may offer relatively steady income with lower volatility than in more speculative growth markets, supported by an asking rent near 1,621 dollars and stabilized occupancy near 95.2 percent. Second, value add multifamily plays in older buildings, including missing middle properties such as duplexes and small apartment buildings, may create returns through targeted renovations, improved management, and thoughtful repositioning, provided local regulations and community dynamics are respected.

Third, industrial and logistics properties in key corridors benefit from the region role as a distribution hub and a tight vacancy near 4.4 percent, and may generate relatively resilient income where modern building features and good transportation access are present. Fourth, grocery anchored centers and neighborhood retail that deliver daily needs, especially in areas with limited competing space and strong household incomes, present relatively defensive options. Fifth, public and quasi public initiatives to expand affordable and mixed income housing open avenues for mission aligned investment using tools such as low income housing tax credits, tax increment financing, and public private partnerships, which can suit investors comfortable with program complexity and longer hold periods.

These are general educational observations, not recommendations, and no particular outcome is assured; actual results depend on asset specific factors, execution, and market conditions.

Section 19Risks

The region also carries material risks that investors must weigh.

Economic risk is tied partly to national and global markets, as many of the metro largest employers operate across borders and may adjust employment based on broader conditions, and a sustained national downturn could weaken job growth and housing demand. Regulatory risk is significant, particularly in Minneapolis and Saint Paul, where local governments have been active in adopting or considering tenant protections, rent stabilization, and affordability measures that can alter operating economics and limit certain value add strategies.

Physical risk from severe winter weather, flooding, and storms requires ongoing capital and operational attention and can lead to higher than expected maintenance and insurance costs. Neighborhood specific risk is also important, as some areas face persistent challenges related to public safety, school performance, and infrastructure condition that affect tenant demand, rent levels, and property values. Finally, capital markets risk remains present, as the elevated office vacancy in the low to mid twenties, changes in interest rates, and investor sentiment toward Midwest markets can affect pricing, exit cap rates, and refinancing options, which must be incorporated into conservative underwriting. As with any real estate investment, a loss of some or all invested capital is possible.

Section 20Investor Implications

For accredited investors, Minneapolis Saint Paul is best viewed as a steady income and moderate growth market rather than a rapid appreciation or deep distress play.

Investors who prioritize durable cash flows over speculative upside may find the region appealing, especially in multifamily, industrial, and grocery anchored retail segments, where high quality properties in strong locations can attract creditworthy tenants and maintain occupancy through cycles, though rent growth near the recent 2.5 percent pace should be underwritten conservatively. Value add strategies can succeed when based on realistic rent targets, solid construction and capital plans, and a deep understanding of local regulations and tenant protections, while aggressive assumptions about rent hikes or quick repositioning in sensitive neighborhoods may face resistance from both regulators and communities.

Single family rentals can be a component of a broader portfolio, but acquisition prices near a 370,000 dollar Minneapolis median, property taxes, and maintenance in a cold climate require careful analysis to assess whether yields are acceptable. Across all asset classes, aligning investments with resilient locations, sound physical characteristics, and conservative capital structures will be important, and working with local operating partners who understand the policy environment and neighborhood nuances may improve the odds of long term success. These are general observations, not recommendations, and no particular outcome is assured.

Section 21Conclusion

Minneapolis Saint Paul offers a distinct blend of economic diversity, relative housing affordability compared with coastal gateways, and stable demographic trends, set against a backdrop of active local policy making, challenging climate conditions, and neighborhood disparities.

The quantitative picture is one of a large and stable metro of about 3.7 million people, a 4.4 percent unemployment rate, a 350,710.432 million dollar economy, core city incomes above the national median, institutional apartment rents near 1,621 dollars with occupancy near 95.2 percent, tight industrial vacancy near 4.4 percent, and elevated office vacancy in the low to mid twenties. Multifamily, industrial, and necessity retail assets anchored by strong tenants and located in resilient neighborhoods may remain of interest to some investors, while more speculative plays in office and discretionary retail, or aggressive value add strategies that rely on rapid rent escalation, demand heightened caution. Returns are not guaranteed and a loss of principal is possible.

As always, transaction specific due diligence, including fresh data on rents, vacancy, cap rates, and regulatory conditions, is indispensable. This regional review is intended to frame the questions and themes that accredited investors should explore as they evaluate opportunities in Minneapolis Saint Paul.