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Minneapolis Market Report

Minneapolis Office Market

Average Asking Rate (Price/SF)
 $25.47
Vacancy Rate (%)
   13.0%
Net Absorption (SF)
 16,929

The Minneapolis-St. Paul office market positively absorbed 16,929 square feet during the fourth quarter of 2017, bringing annual absorption to 201,778 square feet. Vacancy ended the year at 13.0%, with the lowest rate recorded in the Southeast submarket at 8.1% and the highest in the St. Paul CBD at 19.2%.The vacancy rate among Class B properties in the Minneapolis CBD climbed to 22.0% in 2017. Over half of the vacant space in these properties is located in the Core, where Wells Fargo moved out of space in late 2016 and into 2017, in order to occupy its new, 1.2 million-square-foot property in the East area of the CBD. While this vacancy is significant, many of these properties are currently undergoing renovations and finding strong interest. Recently renovated Class B properties include the buildings on the Baker Block, 801 Marquette and RSM Plaza.



Minneapolis Office Market Report
4Q17
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