MSP office sublease market sees stabilizing availability
- The Minneapolis – St. Paul sublease market has stabilized since climbing to 4.4 msf of available space in Q2 2023.
- Since falling to 3.5 msf in Q2 2024, sublease availability has shown minimal fluctuation, with 3.3 msf available in Q2TD 2025, a decline of just under (5.0%).
- Over half of the 3.3 msf is concentrated in the Minneapolis CBD and North Loop submarkets, with Target’s City Center sublease space comprising nearly half of this availability.
- Meanwhile, direct availability has expanded as sublease spaces continue to transition to direct availabilities, keeping total market availability stabilized at 22.0%.
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US-MN-MSP Minneapolis