- The “Flight to Quality” is evolving into the “Flight to Experience” within the Minneapolis – St. Paul Office market. While high-quality assets are still seeing elevated leasing activity compared to the rest of the market, they are also experiencing higher foot traffic and employee visitation.
- According to Avison Young’s Office Busyness Index, from 2021 Q3 – 2024 Q3, Trophy & Class A properties have seen a proportionally stronger visitation recovery from 2019 levels (51.7%) than Class B & C product (46.1%).
- At the same period, Trophy & Class A properties accounted for over 68% of all leased SF, compared to nearly 32% in Class B & C. As occupiers continue to favor the most energetic and high-quality assets in the market, this dichotomy of leasing activity and visitation is expected to continue through the 4th quarter in 2024 and into 2025.
Flight to “Experience” a prevalent theme in MSP office activity
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