St. Paul Office Market Trends

Office Rental Market

  • $25.89 2019 Avg. Asking Rent
  • 11.69 % 2019 Avg. Vacancy Rate
  • 54,000 2019 Office Completions (Sqft)
  • 0 2020 Estimated Pipeline (Sqft)
In 2019, the average asking rent for office space in St. Paul was $25.89 per square foot, and the office vacancy rate across the market averaged 11.69 %. During 2019, developers added 54,000 square feet of new office space to the St. Paul market inventory. Office developments estimated for delivery during 2020 total 0 square feet.

Average Office Asking Rents by Class

2019 Average Office Rent per Square Foot

  • St. Paul Class A Office Buildings$27.97
  • St. Paul Class B Office Buildings$22.48
  • St. Paul Class C Office Buildings$18.00
  • MN Class A Office Buildings$29.88
  • MN Class B Office Buildings$23.11
  • MN Class C Office Buildings$17.91

St. Paul, MN Office Asking Rents by Class

Office asking rents vary across the St. Paul office market depending on several factors, one of which is property class. While rents for Class A office buildings in St. Paul averaged $27.97 per square foot in 2019, Class B office properties garnered average rental rates of $22.48 per square foot. Rental rates for Class C office property in St. Paul averaged $18.00 per square foot. On a statewide level, Class B office space rents averaged $23.11 per square foot, while rents for Class A office space across Minnesota averaged $29.88 per square foot. On average, Class C office properties in Minnesota commanded rents of $17.91 per square foot.

2019 OFFICE VACANCY RATES

Submarket Asking Rents Vacancy Rates
St. Paul - West Seventh $29.95 4.54 %
St. Paul - Downtown $27.05 14.87 %
St. Paul - West $24.02 8.83 %
Data provided by Commercial Edge
  • The lowest office vacancy rate in 2019 in St. Paul was 4.54 % in the St. Paul - West Seventh submarket, where asking rents averaged $29.95.
  • The highest office vacancy rate in 2019 in St. Paul was 14.87 % in the St. Paul - Downtown submarket, where asking rents averaged $27.05.

OFFICE CONSTRUCTION IN St. Paul, MN

  • St. Paul, MN Total Sqft completed in 2019 54,000
  • St. Paul, MN Total Sqft under construction in 2020 0
10 Largest Office Buildings in St. Paul
Building name Address Total Sqft Year built
385 Washington Street 385 Washington Street, 55102 1,000,000 1961
Ecolab Global Headquarters 1 Ecolab Place, 55102 882,000 1989
Great Northern Building 180 East 5th Street, 55101 674,504 1914
First National Bank Building 332 Minnesota Street, 55101 662,845 1930
Wells Fargo Place 30 7th St E, 55101-4914 634,895 1986
Wells Fargo Place 30 7th St E, 55101 634,895 1987
Griggs Midway Building 1821 University Avenue West, 55104 500,000 1912
Lawson Commons 380 St. Peter Street, 55102 436,478 1998
Town Square Tower 445 Minnesota Street, 55101 415,927 1979
400 Robert St N 400 Robert St N, 55102 375,000 1982
Largest Office Properties Recently Completed in St. Paul
Office building Address Sqft Completed
Case 767 North Eustis Street, 55114 170,000 2018
The 428 428 Minnesota Street, 55101 60,000 2018
The HealthPartners Neuroscience Center 295 Phalen Blvd, 55130 128,000 2017
Sunrise Banks Headquarters 2515 Wabash Avenue, 55114 57,000 2017
East Side Family Clinic 895 East 7th Street, 55106 33,857 2012
Riverbend Business Center - 325 Randolph Avenue 325 Randolph Avenue, 55102 59,900 2011
Planned Parenthood St. Paul Health Center - Vandalia 671 Vandalia Street, 55114 46,000 2011
Bandana Square 1021 Bandana Blvd East, 55108 138,623 2008
Peter J. King Family Health Center 1026 7th Street West, 55102 31,120 2008
HealthPartners Specialty Clinic - 435 Phalen Blvd 435 Phalen Blvd, 55130 129,854 2007
Data provided by Commercial Edge

Office Spaces for Rent in Minnesota

ST. PAUL OFFICE SALES TRENDS

  • $103.492019 Avg. Price per Sqft
  • 102.72 %Y-o-Y Avg. PpSF Change
  • $82.7M2019 Office Sales Volume
  • 72019 Number of Transactions

In 2019, office sales in St. Paul averaged $103.49 per square foot. This marked a 102.72 % increase in office price per square foot, compared to the previous year. A total of 7 office sales closed on the St. Paul office market in 2019, amounting to a total sales volume of $82.7M.

Average Office Sale Price per Sqft

St. Paul, MN Sales Trends

  • St. Paul Price per Sqft$103.49
  • Minnesota Price per Sqft$156.96

Office Sales - Trend and Volume

  • St. Paul, MN Total Office Sales Volume in 2019 $82.7M
  • St. Paul, MN Total Number of Office Sales Closed in 2019 7

Largest St. Paul Office Sales in 2019

Property name Address Date Price
Summit Orthopedics Building - 2620 Eagan Woods Drive 2620 Eagan Woods Drive 8/1/2019 $29,400,000
Alliance Bank Center 55 East 5th Street 1/14/2019 $18,803,030
University Crossing at Vandalia 2200 University Avenue West 5/8/2019 $12,500,000
Ries Tower 393 North Dunlap Street 3/28/2019 $9,700,000
Cray Plaza 380 Jackson Street 12/17/2019 $5,000,000
Data provided by Commercial Edge

See trends for nearby markets

The St. Paul office market contains an inventory of 22,495,450 square feet of office space, in 193 buildings that are equal to or larger than 25,000 square feet.

This market trends report is based on analysis of city-level data. Averages were calculated based on values dated January 1st 2019 through December 31st 2019. Construction pipeline data shown is valid as of April 2020. The information on this page was compiled using data provided by our sister company, CommercialEdge – a market intelligence solution which offers comprehensive 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.