Small space users remain active amidst low MSP leasing activity
- Leasing activity in the MSP office market remains 32.9% beneath the pre-COVID (2015-2019) Q1 average leasing volume in Q1 2025, but in terms of the number of deals being signed, the market is just 2.3% below pre-COVID levels.
- While mid-to-large space users have seen both leasing volume and number of deals signed remain substantially below pre-COVID levels in Q1 2025, small space users targeting deals below 5ksf have signed nearly 7% more deals and have taken just 5.7% less space, nearly in-line with pre-COVID levels.
- This shift of fewer mid-to-large leases alongside an increase in small space leases is highlighted in the overall MSP market performance, as a higher number of small leases have kept deal activity close to pre-COVID levels while the amount of leased space has declined substantially.
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US-MN-MSP Minneapolis