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CBRE
<br />Figure 7: Minneapolis/St. Paul Multi -Tenant Office Market Statistics
<br />Submarket
<br />Rentable Area
<br />(Sq. Ft.)
<br />Direct Vacancy
<br />Rate (%)
<br />Y-o-Y Vacancy
<br />Trend
<br />Average Net
<br />Asking Rate
<br />($/Sq. Ft./Yr)
<br />Y-o-YAsking
<br />Rate Trend
<br />Q1 Net
<br />Absorption
<br />(Sq. Ft.)
<br />Y-o-Y Net
<br />Absorption
<br />Trend
<br />YTD Net
<br />Absorption (Sq.
<br />Ft.)
<br />Multi -Tenant
<br />Construction (Sq.
<br />Ft.)
<br />Metro Overall
<br />Class A
<br />Class B
<br />Class C
<br />73,501,741 18.7
<br />35,492,796 15.3
<br />31,011,206 22.2
<br />6,997,799 19.6
<br />15.67
<br />18.10
<br />13.69
<br />12.75
<br />78,661
<br />33,086
<br />64,480
<br />(18,905)
<br />78,661
<br />33,086 847,280
<br />64,480
<br />(18,905)
<br />847,280
<br />Minneapolis CBD 22,239,487 20.1 $ 16.61 T (70,479) T (70,479) 532,000
<br />ClassA 13,593,494 13.7 $ 19.16 T (83,808) T (83,808) 532,000
<br />Class B 7,086,165 31.8 $ 13.35 1 5,090 $ 5,090
<br />ClassC 1,559,828 23.8 T 14.54 T 8,239 T 8,239 -
<br />394 Corridor 11,001,229 14.8 T 18.30 T 19,500 $ 19,500 315,280
<br />ClassA 5,511,031 16.9 T 19.92 T 27,666 T 27,666 315,280
<br />Class B 4,474,866 13.1 T 16.30 1 (22,719) T (22,719)
<br />ClassC 1,015,332 10.8 1 11.37 T 14,553 T 14,553
<br />494 Corridor 16,305,261 15.4 4' 15.52 T 156,424 T 156,424
<br />ClassA 8,393,753 10.6 T 18.04 T 75,998 T 75,998
<br />Class B 6,445,331 19.9 y 13.08 T 56,761 T 56,761
<br />ClassC 1,466,177 22.5 T 10.66 T (18,775) 4' (18,775)
<br />North Loop 4,020,042 21.7 T 17.86 T (28,717) 4' (28,717)
<br />ClassA 877,775 24.2 T 22.57 T 0 0
<br />Class B 2,054,798 23.2 T 17.58 T (14,278) T (14,278)
<br />ClassC 1,087,469 16.9 T 14.28 y (14,439) 4' (14,439)
<br />Midway 4,481,224 12.8 4' 14.19 T 21,545 T 21,545
<br />ClassA 1,069,505 24.4 T 15.65 T 0 4' 0
<br />Class B 2,908,485 7.7 y 14.05 - 18,885 4' 18,885
<br />Class C 503,234 17.6 T 11.24 T 2,660 T 2,660
<br />BEA 2,955,822 24.1 T 12.85 18,362 T 18,362
<br />ClassA 1,283,912 27.2 T 14.69 12,934 T 12,934
<br />Class B 1,542,898 22.4 T 11.95 T 3,914 1 3,914
<br />ClassC 129,012 13.0 T 11.13 1,514 T 1,514
<br />Northwest
<br />Class A
<br />Class B
<br />Class C
<br />1,357,864 19.5
<br />127,000 22.8
<br />952,789 14.9
<br />278,075 34.0
<br />10.97
<br />11.00
<br />11.42
<br />9.88
<br />1
<br />1
<br />(8,411)
<br />0
<br />1,589
<br />(10,000)
<br />1
<br />T
<br />y
<br />(8,411)
<br />0
<br />1,589
<br />(10,000)
<br />St. Paul CBD 6,417,604 28.6 T 12.76 T (4,576) T (4,576)
<br />ClassA 2,685,792 18.7 T 13.63 y (734) T (734)
<br />Class B 3,422,819 36.5 T 12.47 T (1,185) 4' (1,185)
<br />Class C 308,993 28.6 T 11.76 4' (2,657) 1 (2,657)
<br />Suburban St. Paul 4,723,208 18.6 T 13.36 T 17,453 T 17,453
<br />ClassA 1,950,474 24.3 T 13.43 T 1,030 T 1,030
<br />Class B 2,123,055 14.7 4' 13.33 T 16,423 T 16,423
<br />Class C 649,679 14.3 4' 12.74 T 0 T 0
<br />Note: The tracked base includes all multi -tenant office buildings larger than 30,000 sq. ft. and does not include any owner -user buildings.
<br />Source: CBRE Research, Q1 2020.
<br />Q1 2020 CBRE Research © 2020 CBRE, Inc. I 4
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