Craft Brew Biz is Stout in Minneapolis

The New York Times: “Across the country, in once-bustling manufacturing centers, breweries are giving new fizz to sleepy commercial districts. If alcohol-based businesses were blamed for a breakdown of society in the Prohibition era and beyond, breweries are now being seen as a force for good. In 2016, there were 5,301 mom-and-pop beer makers, which are typically known as craft breweries. That figure rose from 4,548 in 2015, when the country surpassed its historic high-water mark of 4,131 breweries, set way back in 1873, according to the Brewers Association, a trade group.”

“Although they are small, those breweries pack an economic jolt. In 2016, they contributed about $68 billion to the national economy, the association said … In searching for places to make specialty beverages like sour beers and stouts, breweries seemed to adhere to a formula. They like early-20th-century buildings with up to 10,000 square feet and lofty ceilings, said Sandy A. Barin, a vice president with the commercial real estate firm CBRE based in Minneapolis who counts brewers among his clients.”

“Usually renters instead of owners, breweries in Minneapolis typically sign five-year leases and pay $4.50 a square foot annually … Breweries also seek up-and-coming locations that are within walking distance of houses and apartments … Over all, breweries, usually with tap rooms, occupy about 624,000 square feet in the Minneapolis-St. Paul metro region, up from 507,000 square feet in 2016. And in 2017, 11 new breweries opened in that area, according to CBRE, with 11 more expected this year.”

Facebooktwittergoogle_plusredditpinterestlinkedinmail

Your Thoughts?

This site uses Akismet to reduce spam. Learn how your comment data is processed.