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The Minneapolis-St Paul office market, consisting of over 129M SF of space in seven counties across the metro, topped 963,000 SF negative absorption for Q1 2021. The vacancy rate for the market stands at 13.8% for all properties. Multi-tenant properties posted 18.2% vacancy with over 897,000 SF negative absorption during Q1. During Q1 2021 there were six construction projects throughout the market totaling just over 790,000 SF.
It’s no secret to anyone that COVID-19 had a significant impact on commercial real estate in 2020. It will continue to influence this asset class well into 2021. The impact was both good and bad, depending on what segment of the market one looks at.