Minneapolis–St. Paul office market report
Q4 2025
The Minneapolis – St. Paul office market has shown continued signs of stabilization through Q4 2025. Leasing activity saw slight improvement in 2025 compared to previous years post-COVID. The development pipeline remained conservative with no new office projects breaking ground this quarter. Overall, Q4 provides optimism for the Minneapolis – St. Paul office market, as demand continues to rebound amidst large negative net absorption that is partially driven by one major vacancy this quarter.
Total leasing volume in 2025
The Minneapolis – St. Paul office market saw slight growth in total annual leasing volume in 2025, recording over 4% more leased space than 2024 totals. Despite the Minneapolis – St. Paul office market seeing nearly 5% YOY growth in total annual leasing volume in 2025, overall leasing remains below pre-COVID levels. However, the market continues to see gradually improving demand, as evidenced by the upward trend in total annual leasing volume since 2020.
Total availability
Net absorption in Q4 2025
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