I maintain the build of a fairly large piece of software, consisting of roughly 350 csharp projects. Our build time for a debug built clocks in at about 17 minutes.
This can also occur due to the file being Read Only. In those cases (i.e., not the ones covered by the bulk of the other answers), there are appropriate workarounds which vary depending on whether you're able to rely on MSBuild 3.5 or later.