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Historic market stats third quarter 2017 update

  • ​​Absorption across the market turned positive for over 50 percent of submarkets. Within the Minneapolis CBD activity is led by law firms, tech and financial services. Each of these sectors have leased between 250,000 and 300,000 square feet year-to-date.
  • Average gross asking rates increased quarter-over-quarter across all submarkets except the Northeast and Southwest, which currently experience elevated Class A multi-tenant vacancy relative to the market as a whole.
  • Construction in the Minneapolis and St. Paul CBDs saw increased activity. In the Minneapolis CBD over one million square feet of new or converted office space is under construction, largely attributed to the former Macy’s building repurposing project by New York-based 601W Companies breaking ground. St. Paul’s Ecolab Corporate Center has been sold to a St. Paul-based development group led by PAK Properties who is converting the 240,000 square feet tower into multi-tenant creative space branded as the Osborn370. The Osborn370 joins two former retail spaces already under conversion to multi-tenant office space in the St. Paul CBD, Macy’s and Woolworth’s.​

Source: JLL Research

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