Minneapolis Office Market Report
By PropZone Research · Data through Q1 2026 · Aggregated from Cushman & Wakefield, CBRE, CBRE Survey H2 2025, Colliers
Quarterly office market indicators for Minneapolis, aggregated by PropZone from Cushman & Wakefield, CBRE, CBRE Survey H2 2025, Colliers. As of Q1 2026, average asking rent was — with a 28.9% vacancy rate.
Projected current office pricing — Minneapolis
low confidenceProjected asking rent
$29.92/SF/yr
Estimated sale value
$114–$148/SF
Modeled estimate (income approach) shown as a range — not an appraisal. Projected asking rent × occupancy × net-operating-income margin band ÷ market cap rate, from Q1 2026 multiple brokerages data (cap rate 12.1%, asking rent held flat). Assumes ~92% occupancy (vacancy not reported) and a 50–65% net-operating-income margin.
| Quarter | Asking rent | Vacancy | Net absorption | Under constr. | Source |
|---|---|---|---|---|---|
| Q1 2026 | — | 28.9% | -3K SF | — | Cushman & Wakefield |
| Q1 2026 | $29.92/SF | 25.2% | — | — | CBRE |
| Q1 2026 | $29.92/SF | — | — | — | CBRE Survey H2 2025 |
| Q4 2025 | — | — | -2K SF | — | Cushman & Wakefield |
| Q3 2025 | — | 27.9% | — | — | Cushman & Wakefield |
| Q2 2025 | — | 29.0% | — | — | Cushman & Wakefield |
| Q1 2025 | — | 4.2% | 0K SF | — | Colliers |
| Q1 2025 | $25.49/SF | 17.6% | -164K SF | — | Cushman & Wakefield |
| Q4 2024 | — | 29.3% | -4K SF | — | Cushman & Wakefield |
| Q4 2020 | — | — | 483K SF | — | Cushman & Wakefield |
| Q3 2020 | — | — | 0K SF | — | Cushman & Wakefield |
| Q2 2020 | — | — | 2K SF | — | Cushman & Wakefield |
| Q3 2019 | — | 17.9% | 750K SF | — | Cushman & Wakefield |
Frequently asked questions
- What is the average asking rent for office space in Minneapolis?
- PropZone aggregates office asking-rent data for Minneapolis from major brokerage market reports; see the quarterly table for the latest available figures.
- What is the office vacancy rate in Minneapolis?
- The office vacancy rate in Minneapolis was 28.9% as of Q1 2026 (Cushman & Wakefield).
- Where does PropZone's Minneapolis market data come from?
- This report aggregates quarterly office market data for Minneapolis from Cushman & Wakefield, CBRE, CBRE Survey H2 2025, Colliers.
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