Minneapolis Office Rent Price & Sales Report

2024 Office Space Rent & Sales

  • $30.07 2024 Avg. Asking Rent
  • 1.40% Y-o-Y Avg. Asking Rent Change
  • 17.35% 2024 Office Vacancy Rate
  • $110.5M2024 Total Office Sales
  • $49.41Avg. Sale Price/SF

Minneapolis office price per square foot in 2024 was $30.07 on average. This marked a +1.40% change in office space price per square foot compared to the previous year. The local office market recorded an average vacancy rate of 17.35% across all asset classes combined. The 7 transactions that closed here throughout 2024 amounted to a total sale volume of $110.5M. Minneapolis office space commanded an average sale price per square foot of $49.41.

See how this market compares to the national average: U.S. office space rent & sales.

Average Rent by Office Class

2024 Average Office Rent per Square Foot

  • Minneapolis Class A & A+ Office Space$32.25
  • Minneapolis Class B Office Space$25.19
  • Minneapolis Class C Office Space$22.69
  • Minnesota Class A & A+ Office Space$31.74
  • Minnesota Class B Office Space$22.75
  • Minnesota Class C Office Space$15.23

Minneapolis, MN Office Asking Rents by Class

Average office rent in Minneapolis rested at $30.07 per square foot in 2024. As would be expected, office rent price showed some variation from one asset class to another. As such, the asking rent for class A office space in Minneapolis averaged $32.25 per square foot. Across all submarkets, class B office space recorded an average asking rent of $25.19 per square foot. Meanwhile, assets encompassing class C office space saw asking rents of $22.69 per square foot, on average. Comparably, statewide Minnesota average office rents by class in 2024 were: $31.74 per square foot for class A office space; $22.75 per square foot for class B office space; $15.23 per square foot for class C office space.

2024 Office Vacancy Rates in Minneapolis

Submarket Asking Rents Vacancy Rates
Minneapolis - South $36.26 8.25%
Minneapolis - Downtown East $35.83 39.33%
Minneapolis - North Loop $30.59 20.96%
Minneapolis - Central Business District $29.71 17.63%
Bloomington - Edina $29.14 15.14%
Minneapolis - East $26.13 8.40%
Coon Rapids $24.04 3.52%
Minneapolis - Northeast $24.02 15.17%
I-494 Northwest $23.58 4.13%
Airport $23.09 16.16%
St Louis Park - Golden Valley $22.76 19.49%
Brooklyn Center - Brooklyn Park $21.16 13.93%
MN-65 Corridor $19.67 25.25%
Minneapolis - West $17.50 1.05%
Data provided by Commercial Edge
Submarket differences in factors such as property mix, degree of accessibility, and availability of amenities influence not only variation in office rent price, but also in vacancy rates. The overall office vacancy rate on the Minneapolis market was 17.35% in 2024. Looking at the market stats on a more granular level, data shows that the lowest office vacancy rate in Minneapolis was 1.05% in the Minneapolis - West submarket, while the highest office vacancy in the market was 39.33%, recorded in Minneapolis - Downtown East.

Office Spaces for Rent in Minnesota

Minneapolis Office Sale Price per SF

  • $49.412024 Avg. Price per SF
  • $110.5M2024 Office Sales Volume
  • 72024 Number of Transactions

Minneapolis, MN Sale Price per SF Trend

  • Minneapolis Avg. Sale Price per SF in 2024$49.41
  • Minnesota Avg. Sale Price per SF in 2024$84.32
The sale price for office space in Minneapolis averaged $49.41 per square foot in 2024, across all market subdivisions and asset classes. Conversely, the statewide Minnesota average office sale price during the same time period was $84.32 per square foot.

2024 Office Sales Volume

  • Minneapolis, MN Total Office Sales Volume in 2024 $110.5M
  • Minneapolis, MN Total Number of Office Sales Closed in 2024 7
A total of 7 deals closed on the Minneapolis office market in 2024, adding up to a yearly sales volume of $110.5M. Notably, the largest transaction on the market saw Wells Fargo Center change hands for $85,000,000 on 12/12/2024.
Data provided by Commercial Edge

Coworking Spaces in Minnesota

2024 Office Construction in Minneapolis, MN

  • Minneapolis, MN Total SF completed in 2024 345,000

During 2024, 345,000 square feet of new office space were delivered across the market. At the close of 2024, the Minneapolis office inventory included 1 buildings equal to or larger than 25,000 square feet, which comprised 345,000 square feet of office space.

Largest Office Properties Recently Completed in Minneapolis
Office building Address SF Completed
North Loop Green 350 North 5th Street, 55401 365,000 2024
RBC Gateway 250 Nicollet Mall, 55401 784,000 2022
Abyssinia 322 west lake street, 55408 150 2020
Steelman Exchange 241 N 5th Ave, 55401 210,000 2019
The Nordic 729 Washington Ave N, 55401 194,700 2019
Millwright Building 513 South 3rd Street, 55415 173,476 2017
T3 323 Washington Avenue North, 55401 246,300 2016
The Edition 600 S 4th St, 55415 618,841 2014
The Nic 465 Nicollet Mall, 55401 226,143 2014
150 3rd Ave S 150 3rd Ave S, 55401 3,051 2006

Worth noting among recent office completions on the Minneapolis market is North Loop Green, which is currently the largest new office development in the city, at 365,000 square feet.

Data provided by Commercial Edge

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This market stats report is based on analysis of city-level data that includes office properties equal to or larger than 25,000 square feet in size. Averages were calculated based on values dated January 1st 2024 through December 31st 2024. Construction pipeline data represented herein is valid as of February 2025. The information on this page was compiled using data provided by CommercialEdge, a market intelligence solution which offers comprehensive real market knowledge on all Minneapolis commercial properties sized 25,000 square feet or larger.

While every effort was made to ensure the accuracy of the data presented in this report, the information is provided “as is” and neither CommercialCafe nor CommercialEdge can guarantee that the information provided is complete.