Minneapolis Office Figures Q1 2022

21 Apr 2022

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‒ Minneapolis’ office market recovery continued. In Q1 2022 the market saw 517,560 sq. ft. of positive net absorption, its highest since 2018. Class A net absorption led with 386,582 sq. ft.

‒ The RBC Gateway project reached completion in Q1 2022, adding 532,000 sq. ft. to the Minneapolis CBD. RBC Gateway was 95.6% leased on delivery. Two additional buildings are under construction in the Suburban St. Paul and 394 submarkets totaling 117,821 sq ft of space with 74% pre-leased.

‒ Overall availability and vacancy rose modestly year-over-year. Vacancy was 20.4% in Q1 2022, up 80 basis points year-over-year. Overall availability was 25.3%, up 140 basis points year-over-year.

‒ In Q1 2022 overall average net asking rates remained stable from the 2021-year end at $17.19 per sq. ft. Class A product was $19.05 per sq. ft.