Minneapolis–St. Paul office market report

Q4 2021


Economic conditions

Minneapolis–St. Paul’s unemployment rate has dipped down to 2.2%which is lower than the peak of the financial crisis in 2009.


Jobs added

The local economy has added nearly 85% of jobs lost due to the pandemic since employment lows of April 2020. Office-using job loss remains down 2.9% since the onset of the pandemic.


Recovery rate

The aggregate vaccinationrate across the Twin Cities has breached 70% through Q4which continues to outpace U.S. averages. Companies continue to proceed with caution with long-term strategies entering 2022.


Office leasing activity

Overall leasing activity decreased 19.2% when comparing 2020-2021 to the 20-year historical activity data, levels not seen since the height of the financial crisis.



Negative absorption from 2020 to Q4 2021 has totaled 2.9 msfand -1.8% of existing stock.


Vacancy rate

The overall vacancy rate for the Minneapolis–St. Paul office market continued to increase in Q4 with vacancy at 11.3%, up 180 basis-points from 2020.

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Get in-depth office market reporting and insights from commercial real estate experts in the Greater Minneapolis–St. Paul (Twin Cities) area. Avison Young advisors look at Minneapolis–St. Paul commercial real estate activities and the latest Minneapolis–St. Paul statistics to provide you expert market research on Minneapolis–St. Paul's office properties.

Explore different topics like the latest office market pricing trends and analysis of Minneapolis–St. Paul's current office real estate market conditions. Gain a better understanding of Minneapolis–St. Paul’s office real estate outlook and stay ahead of current office space trends. Make smart decisions when it comes to investing in office properties in Minneapolis–St. Paul's competitive office real estate market. Avison Young is your trusted source for commercial real estate office market insights in Minneapolis–St. Paul.

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