Minneapolis–St. Paul office market report

Q2 2022

The Minneapolis St. Paul office market continued to experience a flight to quality in Q2. Downtown availability continued to drive upwards as landlords vie to attract tenants with more favorable concessions. From an industry perspective, growth-stage and private equity-backed companies ready to expand drove tenant demand. Pressure continued to build for landlords of class B properties and is likely to continue for the remainder of the year. Overall, the local sentiment for office dwellers has been favorable as full-time return-to-office strategies become the norm.


Asking rents

Overall asking rents experienced a slight uptick in Q2 as landlords push for long-term leases.  

19.2 msf


The amount of available office space continued to increase in Q2, with total sublease availability remaining at 3 million sf.



Office vacancy in the Twin Cities has increased 130 bps year-to-date totaling 19.1% for the local office market in Q2 2022.


Investment sales

Investment sales activity in the office sector increased in Q2 2022 as capital rates continue to breach 12-month highs.

Tenant activity

As short-term leases continue to come to expiration, tenant activity is expected to continue, driven by the flight to quality in the suburbs.

Downtown traffic

Twin Cities’ CBD submarkets continue to see a lag in office activity as companies continue to refine return-to-work strategies and reassess primary office locations.

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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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