From the Wall Street Journal:
Minneapolis isn’t the only place building upward. While the U.S. housing market as a whole may still be creeping back from recession, downtowns around the country are seeing a veritable boom in high-rise apartment buildings.
This year, some 74 rental towers are on pace to be completed, and there are 81 on the books for 2015—the highest number since at least the 1970s, according to Axiometrics, a Dallas apartment-research firm that defines a tower as 15 stories or more. At the same time, strong apartment rents and sluggish demand for office space have resulted in some high-rise buildings being converted to apartments…
The growth in new rental towers—which are usually woven into downtown office centers—is being driven largely by young professionals starting their careers, along with empty nesters who are in some cases downsizing from bigger homes in the suburbs. Together, they are helping downtowns evolve from places centered mostly on working and entertainment to more complete neighborhoods, with grocery stores, community centers and community services.