Minneapolis, MN Office Overview
The Minneapolis office market includes the Downtown Minneapolis and North Loop submarkets. With a metropolitan population of over 3.5 million people, it is the largest city of the Minneapolis - St. Paul metro area. Local economy is extremely diverse, with healthcare, manufacturing, financial services, high technology, and food processing among the many industry sectors creating demand for Class A space.
As of mid-2017, the Greater Minneapolis market encompasses over 41 million square feet of existing office space in properties larger than 50,000 square feet. The market continues to grow due to its dynamic business sector and the city being the second-largest economic center in the Midwest, right behind Chicago.
Minneapolis, MN Office Inventory Description
The metro area ranks among the top 30 places in the U.S. for business and careers, part of the reason why demand for white-collar employment in Minneapolis remains strong year after year. With a gross metropolitan product of nearly $233 billion annually, the demand for office space is robust. Over 65% of the office space in Minneapolis is Class A or A+, while Class B product accounts for about 34% of the inventory in Minneapolis.
The Richfield, MN market is one of the many areas that consistently sees strong demand. Located between Route 77, I-494, and I-35W, this area is home to the Best Buy Richfield Campus, Two Meridian Crossings building, and Woodlake Center on Lyndale Avenue South.
Minneapolis, MN Commercial Inventory Breakdown
Office Spaces
Total: 50,986,273 SF
By square footage range:
- 50k to 100k SF: 4,693,243 SF / 9.2% of total office
- 100k to 500k SF: 21,626,336 SF / 42.42% of total office
- 500k to 1M SF: 15,552,518 SF / 30.5% of total office
- > 1M SF: 9,114,176 SF / 17.88% of total office
By class:
- Class A+: 8,725,221 SF / 17.11% of total office
- Class A: 24,236,686 SF / 47.54% of total office
- Class B: 15,050,317 SF / 29.52% of total office
- Class C: 1,262,515 SF / 2.48% of total office
Top 10 Largest Office Buildings
in Minneapolis
| Office building | Address | Sqft | Year built |
|---|---|---|---|
| Best Buy Richfield Campus | 7601 Penn Avenue South, 55423 | 1,500,000 | 2002 |
| IDS Center | 80 South 8th Street, 55402 | 1,405,420 | 1972 |
| Capella Tower | 225 South 6th Street, 55402 | 1,401,233 | 1990 |
| City Center | 33 South 6th Street, 55402 | 1,346,487 | 1981 |
| Target Corporate Headquarters - South Tower | 1000 Nicollet Mall, 55402 | 1,215,000 | 2001 |
| Wells Fargo Center | 90 South 7th Street, 55402 | 1,196,036 | 1988 |
| The Dayton's Project | 700 Nicollet Mall, 55402 | 1,050,000 | 2020 |
| Wells Fargo Minneapolis Campus | 2701 Wells Fargo Way, 55467 | 992,631 | 1912 |
| Ameriprise Client Service Center | 901 3rd Avenue South, 55402 | 979,787 | 2001 |
| U.S. Bancorp Center | 800 Nicollet Mall, 55402 | 935,651 | 2000 |
Most Recently-Built Office Buildings
in Minneapolis
| Office building | Address | Sqft | Year built |
|---|---|---|---|
| 419 Washington Avenue North | 419 Washington Avenue North, 55401 | 212,734 | 2019 |
| Leef Office Building | 201 Irving Avenue North, 55405 | 66,425 | 2019 |
| MoZaic East | 1330 Lagoon Avenue, 55408 | 197,000 | 2018 |
| Regional Acceleration Center | 1256 Penn Avenue North, 55411 | 84,800 | 2018 |
| 700 North 5th Street | 700 North 5th Street, 55401 | 56,000 | 2018 |
| 401 Harding Street NE | 401 Harding Street NE, 55413 | 30,050 | 2018 |
| Hennepin County Medical Center - Ambulatory Outpatient Specialty Center | 701 Park Avenue South, 55415 | 377,000 | 2017 |
| Millwright Building | 513 South 3rd Street, 55415 | 173,476 | 2017 |
| Kraus-Anderson Headquarters | 501 South 8th Street, 55404 | 103,000 | 2017 |
| Downtown East - Wells Fargo Tower I | 550 4th Avenue South, 55415 | 626,000 | 2016 |
Minneapolis, MN Green Office Space
Back in 2014, Minneapolis ranked 10th for LEED-certified office buildings. Fast forward a few short years, and today the city ranks 5th for LEED-Certified, Energy Star-rated, and green office buildings larger than 50,000 square feet.
An excellent example of a LEED-certified building in the city is the 222,000-square-foot Xcel Energy Office Building at 401 Nicollet. Newly built in 2016 and located in the Downtown West Minneapolis submarket, this Class A building is anxiously awaiting its prestigious LEED Silver certification.
The amount of green office space in the metro is quite impressive. With over 5% of the office buildings being LEED-certified, nearly 19% are Energy Star-rated and over 20% are energy-efficient green buildings. The 2017 National Green Building Adoption Index surveyed the top 30 markets in the U.S. for green office space, with Minneapolis ranking 5th in this report.
Minneapolis, MN's Top Office-Using Sectors
The commercial real estate market in Minneapolis is driven by an amazingly diverse mix of business of all sizes. Retail headquarters, healthcare, finance, and both national and international corporate headquarters all generate robust demand.
- Retail – The metro is home to retailers such as Target, Best Buy, and Supervalu;
- Healthcare – The demand for white-collar labor in the area is created by institutions such as the Mayo Clinic, UnitedHealth Group, and St. Jude Medical;
- Finance – U.S. Bancorp, Ameriprise Financial, Thrivent Financial, Wells Fargo, and RBC Wealth Management all operate in the city;
- Fortune 500 & Foreign Headquarters – The dynamic mix of business in the metro area includes the company headquarters of Xcel Energy, Accenture, Bellisio Foods, Canadian Pacific, and Voya Financial.
FREQUENTLY ASKED QUESTIONS
How much does office space cost in Minneapolis, MN?
The average office rental rate in Minneapolis, MN is $553.9 per square foot. Asking prices vary based on the property’s location, overall rating, amenities, proximity to restaurants, cafes and entertainment venues, as well as public transport, airports and highways.
What is the size of available office spaces in Minneapolis, MN?
The Minneapolis, MN office market can accommodate various businesses, sporting a range of office space availabilities. The average size of office space availabilities is 100,080 square feet. If you’re just starting out as a company or as an entrepreneur, the smallest available office space in Minneapolis, MN is 160 square feet, while the maximum rentable space on the market now is 200,000 square feet.
How do I get office space in Minneapolis, MN?
Start your search for office space in Minneapolis, MN by using our filters that allow you to find the best space for your business needs. Filter listings by location, property size, available space or lease rate. Property pages will offer details about an office building’s rating, year built, availabilities, price per square foot and more. After drawing up a shortlist, make sure you contact the listed broker(s) to schedule a viewing and begin the negotiation process for your lease contract.
How many office listings are available in Minneapolis, MN?
There are 267 office listings on the Minneapolis, MN market.
Minneapolis Demographics
Population
- Total Population416,021
- Male Population(50.7 %) 211,095
- Female Population(49.3 %) 204,926
- Median Age32.10
Income/Financial
- Average Household Income$85,887
- Median Household Income$58,993
- Median Income Under 25$31,145
- Median Income 25-44$67,356
- Median Income 45-64$63,768
- Median Income Over 65$42,606
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