Office space northwest of Nicollet Mall in Minneapolis–St. Paul continues to outperform the southeast area, with lower vacancy rates. While a new building called T3 delivered fully vacant this quarter, total vacancy northwest of Nicollet Mall is 0.9 million square feet with an average vacancy rate of 12.3%, compared to 2.9 million square feet and an average rate of 16.9% southeast of Nicollet Mall. The trend of better performance for office space northwest of Nicollet Mall versus the southeast has increased.
Minneapolis-St. Paul Chart of the Week | October 24, 2016
1. Minneapolis–St. Paul
Office product to the northwest of Nicollet Mall
continues to fare better than the southeast
Chart of the week: October 24, 2016
Sources: JLL Research
• Office product in the CBD area northwest of Nicollet Mall has historically performed better than the
southeastern part of the CBD, and that trend has only become more pronounced. Even with T3
delivering fully vacant this quarter, total vacancy on the northwest side of Nicollet is 0.9 million square
feet (m.s.f.) with an average building vacancy rate of 12.3%. Comparatively, to the southeast of Nicollet
Mall, total office vacancy is 2.9 m.s.f. and the average building vacancy rate is 16.9%.
2013 2016 Q3
North Loop North Loop
Loring Park Loring Park
Core Core
East Town East Town
T3
