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United States | Minneapolis, MN

Report | Minneapolis Office Insight - Q3 2016

Summary

Negative absorption hit an unprecedented levels during Q3 across Minneapolis as a result of consolidations caused by new single-tenant, build-to-suit buildings for Xcel Energy and Wells Fargo.

Rent costs in the CBD are up 14 percent from last year as property values continue to rise, though the property tax rate remains relatively stable for now.

Despite a slowing of actual transactions, transaction value per square foot rose 82 percent quarter-over-quarter in Q3, mostly due to the sale of Ameriprise Financial Center for $200 million to a Florida-based company in August.​

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