Highlights
- The average rent for office space in Minneapolis is $31.64 per square foot, 5.23% higher compared to the previous year.
- The market’s vacancy rate stands at 20.06%, higher than the state average of Minnesota, which is 16.11%.
- Renting Class A/A+ office space here costs $34.14 per square foot, while Class B averages $27.30 and Class C stands at $21.74.
- 60,800 square feet is currently under construction.
2025 Office Space Rent & Sales
- $31.64 2025 Avg. Asking Rent
- 5.23% Y-o-Y Avg. Asking Rent Change
- 20.06% 2025 Office Vacancy Rate
- $194.7M2025 Total Office Sales
- $40.54Avg. Sale Price/SF
What is the average asking rent price for office space in Minneapolis?
Average asking rents for office space here stand at $31.64 per square foot. The local office market recorded an average vacancy rate of 20.06% in 2025, unchanged from 20.06% in 2024.
Office transactions in the local market in 2025 totaled a sales volume of $194.7M across 15 sales. These transactions commanded an average sale price per square foot of $40.54.
Minneapolis, MN Office Asking Rents by Class
What is the average office rent per square foot by property class in Minneapolis?
- Avg. Asking Rent Class A & A+$34.14
- Avg. Asking Rent Class B$27.30
- Avg. Asking Rent Class C$21.74
The average asking rent for Class A and A+ office space stood at $34.14 per square foot, indicating the best — and most expensive — that the market has to offer.
Class B space in Minneapolis averaged $27.30 per square foot, while the average for Class C space was $21.74 per square foot.
What is the average office rent per square foot by property class in MN?
- Avg. Asking Rent Class A & A+$31.62
- Avg. Asking Rent Class B$23.93
- Avg. Asking Rent Class C$17.72
For comparison, the average rent for Class A and A+ office space in Minnesota was $31.62 per square foot. The state-wide average for Class B space was $23.93 per square foot, and Class C office spaces averaged $17.72 per square foot.
Minneapolis, MN Office Indicators by Submarket
| Submarket | Asking Rents | Vacancy Rates |
|---|---|---|
| Minneapolis - Downtown East | $36.39 | 13.40% |
| Minneapolis - West | $33.53 | 4.21% |
| Minneapolis - Central Business District | $32.38 | 24.13% |
| Bloomington - Edina | $31.25 | 16.64% |
| MN-65 Corridor | $29.67 | 26.29% |
| Minneapolis - North Loop | $28.46 | 16.94% |
| Minneapolis - East | $27.76 | 8.06% |
| I-494 Northwest | $24.65 | 10.26% |
| Minneapolis - South | $22.00 | 18.23% |
| St Louis Park - Golden Valley | $21.13 | 15.73% |
| Coon Rapids | $20.02 | 8.41% |
| Brooklyn Center - Brooklyn Park | $19.30 | 16.68% |
| Airport | $19.04 | 12.62% |
2025 Office Sales Volume
- $40.542025 Avg. Price per SF
- -19.03%Y-o-Y Avg. PpSF Change
- $194.7M2025 Office Sales Volume
- 152025 Number of Transactions
What is the average sale price per square foot for office space in Minneapolis?
Average sale prices for office space in this market recorded a -19.03% change in 2025 compared to the previous year.
Office transactions recorded in the market in 2025 averaged $40.54 per square foot. For comparison, the statewide Minnesota average during the same time period stood at $99.93 per square foot, while the national average was $182.48 per square foot.
Minneapolis, MN Sale Price per SF Trend
- Minneapolis Avg. Sale Price per SF in 2025$40.54
- Minnesota Avg. Sale Price per SF in 2025$99.93
What was the total office sales volume in Minneapolis in 2025?
The local office market recorded 15 deals in 2025, adding up to a yearly sales volume of $194.7M.
- Minneapolis, MN Total Office Sales Volume in 2025 $194.7M
- Minneapolis, MN Total Number of Office Sales Closed in 2025 15
What were the largest office building sales in Minneapolis in 2025?
The market’s largest transaction last year was the sale of 11091 Ulysses Street NE for $14,150,000 on 10/24/2025. The next-highest sale was the transaction involving Minnesota Medical Enterprise Center I, which traded for $8,400,000. The third-largest transaction was the sale of 20 Washington Square for $7,100,000.
| Property name | Address | Date | Price |
|---|---|---|---|
| 11091 Ulysses Street NE | 11091 Ulysses Street NE | 10/24/2025 | $14,150,000 |
| Minnesota Medical Enterprise Center I | 8990 Springbrook Drive | 6/25/2025 | $8,400,000 |
| 20 Washington Square | 20 Washington Avenue South | 11/19/2025 | $7,100,000 |
| 55 West | 10405 6th Avenue North | 6/6/2025 | $6,725,000 |
| Ameriprise Financial Center | 707 2nd Avenue South | 2/4/2025 | $6,250,000 |
Office Construction in Minneapolis, MN
- Minneapolis, MN Total SF under construction in 2026 60,800
What are the largest recent office completions in Minneapolis?
The largest recent office completion here is RBC Gateway at 784,000 square feet, completed in 2022. The next largest completions are 50 South 10th Street and North Loop Green.
| 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 |
| Leef Office Building | 201 Irving Avenue North, 55405 | 66,425 | 2019 |
| 814 S 3rd Street | 814 S 3rd Street, 55415 | 3,976 | 2018 |
| T3 | 323 Washington Avenue North, 55401 | 246,300 | 2016 |
| The Nic | 465 Nicollet Mall, 55401 | 226,143 | 2014 |
| Mayo Clinic Square | 600 Hennepin Avenue, 55403 | 217,354 | 2004 |
| Depot Office Center | 500 Washington Avenue South, 55415 | 148,532 | 2003 |
| 50 South 10th Street | 50 South 10th Street, 55403 | 590,000 | 2001 |
| River Parkway Place | 1101 West River Pkwy, 55415 | 81,300 | 2001 |
See reports for other markets
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Disclaimer
All information on this page is based on city-level data that includes properties equal to or larger than 25,000 square feet.
Averages were calculated based on values dated between January 1st and December 31st 2025. Construction pipeline data represented herein is valid as of January 2026.
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 Yardi Research Data can guarantee that the information provided is complete.