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FIGURES I MINNEAPOLIS OFFICE 1032021
<br />Market Summary Statistics
<br />FIGURE 9: Minneapolis/St. Paul Office Market Statistics, 03 2021 (cont. on next page)
<br />Submarket
<br />Rentable Area Total
<br />Vacancy
<br />Rate
<br />(Sq. Ft.)
<br />Y-o-Y
<br />Vacancy
<br />Trend
<br />Average Net
<br />Asking Rate
<br />(Sq. Ft./Yr)
<br />Y-o-Y
<br />Asking Rate
<br />Trend
<br />03 Net Y-o-Y Net
<br />Absorption Absorption
<br />(Sq. Ft.) Trend
<br />YTD Net
<br />Abso rption
<br />(Sq. Ft.)
<br />Multi -Tenant Under
<br />Construction (Sq. Ft.)
<br />Multi -Tenant & Single -Tenant
<br />Combined Stats
<br />Rentable Area
<br />(Sq. Ft.)
<br />Vacancy Rate
<br />Metro Overall 76,003,356
<br />Class A 36,691,173
<br />Class B 32,143,290
<br />Class C 7,168,893
<br />Minneapolis CBD 22,247,477
<br />Class A 13,711,494
<br />Class B 6,976,155
<br />Class C 1,559,828
<br />394 Corridor 11,841,259
<br />Class A 6,009,290
<br />Class B 4,816,637
<br />Class C 1,015,332
<br />494 Corridor 16,958,104
<br />Class A 8,588,649
<br />Class B 6,903,278
<br />Class C 1,466,177
<br />North Loop 4,177,056
<br />Class A 877,775
<br />Class B 2,211,812
<br />Class C 1,087,469
<br />21.2%
<br />18.3%
<br />24.6%
<br />20.3%
<br />21.4%
<br />14.5%
<br />35.2%
<br />20.5%
<br />19.3%
<br />21.0%
<br />19.2%
<br />9.0%
<br />19.8%
<br />18.5%
<br />20.3%
<br />24.3%
<br />26.0%
<br />18.7%
<br />30.1%
<br />23.6%
<br />$16.48
<br />$18.77
<br />$14.38
<br />$15.25
<br />$17.57
<br />$19.88
<br />$14.30
<br />$14.81
<br />$20.35
<br />$21.90
<br />$17.82
<br />$16.27
<br />$16.49
<br />$17.95
<br />$14.24
<br />$17.27
<br />$18.83
<br />$22.11
<br />$19.35
<br />$15.21
<br />107,177
<br />60,848
<br />(27,133)
<br />73,462
<br />154,474
<br />59,543
<br />68,535
<br />26,396
<br />(40,120)
<br />(36,453)
<br />2,359
<br />(6,026)
<br />(6,976)
<br />(28)
<br />(8,145)
<br />1,197
<br />(21,677)
<br />0
<br />(22,946)
<br />1,269
<br />(298,603)
<br />68,805 649,821
<br />(382,592) -
<br />15,184 -
<br />109,281 532,000
<br />67,403 532,000
<br />32,433 -
<br />9,445 -
<br />(106,121) 37,821
<br />(94,377) 37,821
<br />(3,808)
<br />(7,936)
<br />13,568
<br />57,499
<br />(47,111)
<br />3,180
<br />(54,695)
<br />0
<br />(29,728)
<br />(24,967)
<br />649,821
<br />96,712,505
<br />49,501,002
<br />38,793,565
<br />8,417,938
<br />28,604,889
<br />19,498,669
<br />7,094,430
<br />2,011,790
<br />13,098,648
<br />7,044,740
<br />5,038,576
<br />1,015,332
<br />19,633,608
<br />10,506,696
<br />7,660,735
<br />1,466,177
<br />4,414,556
<br />1,115,275
<br />2,211,812
<br />1,087,469
<br />16.7%
<br />13.6%
<br />20.4%
<br />17.3%
<br />16.7%
<br />10.3%
<br />34.6%
<br />15.9%
<br />17.4%
<br />17.9%
<br />18.4%
<br />9.0%
<br />17.1%
<br />15.2%
<br />18.3%
<br />24.3%
<br />24.6%
<br />14.7%
<br />30.1%
<br />23.6%
<br />5 CBRE RESEARCH © 2021 CBRE, INC.
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