Welcome back to our monthly permit update, where we highlight the latest permits and upcoming developments that are moving the FM area forward. Our goal with tracking and sharing this data is to help keep business owners, investors, and community members informed about what is coming next and how we are tracking compared to the previous year.
New Commercial & Multi-family Permits – November & YTD
Activity for new commercial and multi-family permits in November was slightly stronger than last month, yet significantly higher than November 2024. For the month of November 2025, the metro recorded 8 new commercial & multifamily building permits, representing $10.9M million in new commercial real estate investments across Moorhead, Fargo, and West Fargo. That compares to just 2 new commercial & multifamily permits in November of 2024 with a total value of $1.9M.
This helped narrow the gap a bit between YTD 2025 versus 2024 YTD new CRE permits. For 2025 through November, there have been 163 new commercial permits totaling $274.1M, compared to 145 permits YTD in 2024 totaling $444.9M (down 38.4% in $ value YOY). However, YTD permits for multi-family units are 1,004 units in 2025 vs. 782 units in 2024 YTD (up 28.4% in unit count YOY).
NOTE: Our previous permit reports had unintentionally undercounted multi-family permits YTD. That data has been corrected in this report.
Total new commercial & new multi-family permit values: YTD 2025 vs YTD 2024
Some of the more noteworthy new commercial projects permitted in November include:
- A new 37-unit multi-family building on the site of the former Borrowed Bucks off 13th Ave | $7.5M
- A new restaurant, “La Terraza” off 32nd Ave near Veterans Blvd | $1.47M
Commercial Remodel Permits – November & YTD
The metro also saw just $3.3M in commercial remodel permits in November, which compares to $5.9M in commercial remodel permits in November 2024. Year-to-date across the metro, 2025 commercial remodel permits stand at $144.5M compared to $157.1M YTD in 2024 (down 8% YOY).
Commercial remodel permit values: YTD 2025 vs YTD 2024
Notable commercial remodel permits in November included:
- A $800k remodel of the TJ Maxx mall on 13th Avenue in Fargo for a Sierra Trading Post store.
- A $300k fit-up for a new Wing Stop at the Midtown Market off University Dr and I-94 (former K-Mart site).
Stay tuned each month as we provide updates on the latest projects, from large industrial parks to local retail centers and much more. The FM Metro is always on the rise, and we look forward to keeping you up to date on all the new developments shaping 2025 and beyond!