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)
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 % |
- 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
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 |
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 |
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 |
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.