@SuperTuscan
First of all, the very large construction site at the main station (Hauptbahnhof) is of course very disruptive. Munich is getting a new main station and the S-Bahn there is getting more tracks.
Then there was a large department store at the Hauptbahnhof (between Stachus and Hauptbahnhof). This was bought by a real estate speculator who is now bankrupt. The large building complex is empty. The department store directly at Stachus, bought by the same real estate speculator, is also empty.
You also have to know that drug consumption on the street is actually illegal in most of Germany. In Bavaria (for political reasons) there are no so-called Druckräume (safe spaces) for drug addicts. They had to do their business in the cellar of the Hauptbahnhof (where nobody else ever went) . Due to the construction of the new main station, the cellar can no longer be used.
In the meantime, you can find many drug addicts and homeless people (this also happens in Germany and especially in the very expensive big cities) in and around these empty buildings.
And now to your question. I wouldn't classify the area as being very safe .... at least until the issue of the empty buildings is resolved. I don’t think you’ll be attacked and threatened, but still it can get uncomfortable.
And apart from the safety, it is also a place that is currently just such that people do not like to spend that much time there anymore.
Munich is a rich city (compared to Berlin, for example) and we Munich residents are not used to things not being clean and nice. I may be exaggerating a little, but there is a grain of truth in it. It is all the worse for us that there is now such a large and painful 'eyesore' in the middle of our beloved city.