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Historical market stats fourth quarter 2017 update

  • ​​​​​Click here to view interactive chart​
  • Absorption for the total market closed positive for 2017. New large tech and retail occupier (Sleep Number) helped absorb nearly 2.5 percent of the Minneapolis CBD’s Class A inventory. The remainder of the market saw leasing volume increase, led by Financial Services. U.S. Bank led the sector signing a deal to occupy 259,994 square feet at 9380 Excelsior Crossings in summer 2018.  Other sizeable leases signed in the fourth quarter include Express Script’s 150,000 square foot renewal at One Liberty Corporate Center, and Calabrio’s 120,000 square foot prelease at Swervo and CPM Construction’s joint venture in the North Loop.
  • Average gross asking rates took a breather, except in St. Paul CBD where new construction availabilities have increased the cost of office space, and the West where vacancy rates have not wavered far from just 10 percent, over the last five years.
  • New construction starts include only the aforementioned joint venture between Swervo and CPM construction, a ten-story 200,000 square foot office building in the North Loop. New fourth quarter deliveries include Kraus-Anderson’s 100,000 square foot build-to-suit office in Elliot Park, as well as St. Paul’s Treasure Island Center. ​​

Source: JLL Research

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