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Minneapolis Market Report

Minneapolis Office Market

Average Asking Rate (Price/SF)
      $28.21
Availability Rate (%)
       11.2%
Net Absorption (SF)
     52,268

The vacancy rate in the Minneapolis-St. Paul office market was 11.2% during the fourth quarter of 2019, up from 11.0% in the third quarter. Absorption was positive at 52,268 square feet, bringing annual absorption to 373,926 square feet. The increase in vacancy despite positive absorption was due to new construction adding vacant space to the market along with positive absorption. In the North Loop, Calabrio moved into 120,000 square feet at the 200,000-square-foot, newly constructed Two41, built by Swervo Development. In the West submarket, Wellington completed construction at the 65,000-square-foot building Leef Building, where BDH & Young, Way to Grow and Creatis leased a combined 39,000 square feet.



Minneapolis Office Market Report
4Q19
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Minneapolis Office Market Trends
4Q19
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