St. Paul Office Rent Price & Sales Report

2024 Office Space Rent & Sales

  • $27.31 2024 Avg. Asking Rent
  • 17.39% 2024 Office Vacancy Rate
  • $23M2024 Total Office Sales
  • $104.19Avg. Sale Price/SF

St. Paul office price per square foot in 2024 was $27.31 on average. The local office market recorded an average vacancy rate of 17.39% across all asset classes combined. The 4 transactions that closed here throughout 2024 amounted to a total sale volume of $23M. St. Paul office space commanded an average sale price per square foot of $104.19.

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

  • St. Paul Class A & A+ Office Space$31.02
  • St. Paul Class B Office Space$21.66
  • St. Paul Class C Office Space$19.00
  • Minnesota Class A & A+ Office Space$31.74
  • Minnesota Class B Office Space$22.75
  • Minnesota Class C Office Space$15.23

St. Paul, MN Office Asking Rents by Class

Average office rent in St. Paul rested at $27.31 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 St. Paul averaged $31.02 per square foot. Across all submarkets, class B office space recorded an average asking rent of $21.66 per square foot. Meanwhile, assets encompassing class C office space saw asking rents of $19.00 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 St. Paul

Submarket Asking Rents Vacancy Rates
St. Paul - Downtown $28.47 26.07%
St. Paul - South $27.83 22.17%
Washington County $27.40 13.94%
Dakota County - Southwest $25.79 5.98%
St. Paul - West Seventh $20.66 14.23%
Ramsey County - North $20.63 13.95%
St. Paul - West $20.15 14.11%
Dakota County - North $18.77 13.89%
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 St. Paul market was 17.39% in 2024. Looking at the market stats on a more granular level, data shows that the lowest office vacancy rate in St. Paul was 5.98% in the Dakota County - Southwest submarket, while the highest office vacancy in the market was 26.07%, recorded in St. Paul - Downtown.

Office Spaces for Rent in Minnesota

St. Paul Office Sale Price per SF

  • $104.192024 Avg. Price per SF
  • $23M2024 Office Sales Volume
  • 42024 Number of Transactions

St. Paul, MN Sale Price per SF Trend

  • St. Paul Avg. Sale Price per SF in 2024$104.19
  • Minnesota Avg. Sale Price per SF in 2024$84.32
The sale price for office space in St. Paul averaged $104.19 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

  • St. Paul, MN Total Office Sales Volume in 2024 $23M
  • St. Paul, MN Total Number of Office Sales Closed in 2024 4
A total of 4 deals closed on the St. Paul office market in 2024, adding up to a yearly sales volume of $23M. Notably, the largest transaction on the market saw Kennard Professional Building change hands for $10,772,000 on 10/9/2024.
Data provided by Commercial Edge

Coworking Spaces in Minnesota

2024 Office Construction in St. Paul, MN

Largest Office Properties Recently Completed in St. Paul
Office building Address SF Completed
Highland Bridge Medical 2270 Ford Pkwy, 55116 60,000 2023
Randolph Square 335 Randolph Avenue, 55102 82,174 2021
765 Hampden Avenue 765 Hampden Avenue, 55114 158,527 2009
Midway Innovation Center II 2344 Energy Park Drive, 55108 59,880 2007
546 Rice Street, St. Paul | For Sale 546 Rice St, 55103 4,400 2007
Midway Innovation Center I 2340 Energy Park Drive, 55108 107,344 2005
Energy Park Corporate Center 1260 Energy Lane, 55108 100,364 2003
Energy Park Corporate Center 1260 Energy Lane, 55108 100,364 2003
Garden View Medical Building 347 Smith Avenue North, 55102 120,227 1999
Infor Commons 380 St. Peter Street, 55102 436,478 1998

Worth noting among recent office completions on the St. Paul market is Highland Bridge Medical, which is currently the largest new office development in the city, at 60,000 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 St. Paul 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.