Newer construction has continued to see positive net absorption over the past 7 years within the MSP office market

  • Total yearly net absorption in MSP has been negative each year since 2018, with negative absorption consistently occurring within office properties constructed before 2010.
  • 2021 and 2022 witnessed escalated negative net absorption, particularly in office properties built in the 70’s – 80’s, notably 33 S 6th St (City Center), where Target returned over 800ksf of leased space in 2021.
  • In 2024 YTD, net absorption has turned positive, primarily driven by office properties constructed in 2010 or later, which have experienced positive net absorption each year.

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