MSP’s retail market continues to tighten post-pandemic

  • Minneapolis – St. Paul’s retail market exhibits a vacancy rate of 3.1% YTD in 2024, descending each period since peaking in 2020 at 4.3%. Currently, MSP’s vacancy rate has regressed back to the pre-pandemic (2015-2019) average availability rate of 3.1%.
  • MSP has seen gross deliveries and construction starts fall to historically low levels in recent periods, which has aided in keeping market-wide vacancy at lowered levels.
  • Given the market’s high occupancy, especially within the market’s most active and desirable areas, positive net absorption continues to decline as space becomes scarcer.

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US-MN-MSP Minneapolis