Minneapolis Industrial Market Report
By CREhunt Research · Data through Q2 2026 · Aggregated from Cushman & Wakefield, CBRE, Newmark, JLL, Avison Young, Lee & Associates
Quarterly industrial market indicators for Minneapolis, aggregated by CREhunt from Cushman & Wakefield, CBRE, Newmark, JLL, Avison Young, Lee & Associates. As of Q2 2026, average asking rent was $8.62/SF/yr and vacancy was 4.9%, per Cushman & Wakefield.
Projected current industrial pricing — Minneapolis
Modeled estimate (income approach) shown as a range — not an appraisal. Projected asking rent × occupancy × net-operating-income margin band ÷ market cap rate, from Q2 2026 multiple brokerages data (cap rate 5.0%, asking rent held flat). Assumes ~92% occupancy (vacancy not reported) and a 72–88% net-operating-income margin.
| Quarter | Asking rent | Vacancy | Net absorption | Under constr. | Source |
|---|---|---|---|---|---|
| Q2 2026 Cushman & Wakefield | $8.62/SF/yr | 4.9% | 572K SF | 0 SF | Cushman & Wakefield |
| Q2 2026 CBRE | — | 4.4% | — | — | CBRE |
| Q1 2026 CBRE | — | 4.2% | — | — | CBRE |
| Q1 2026 Cushman & Wakefield | $8.54/SF/yr | 4.9% | -366K SF | 0 SF | Cushman & Wakefield |
| Q4 2025 Cushman & Wakefield | $8.62/SF/yr | 4.7% | 197K SF | — | Cushman & Wakefield |
| Q4 2025 Newmark | $7.91/SF/yr | 4.2% | 2.7M SF | — | Newmark |
| Q3 2025 Cushman & Wakefield | $8.42/SF/yr | 4.6% | 254K SF | — | Cushman & Wakefield |
| Q3 2025 JLL | $7.17/SF/yr | 4.3% | 1.8M SF | — | JLL |
| Q2 2025 Cushman & Wakefield | $8.19/SF/yr | 4.4% | 291K SF | — | Cushman & Wakefield |
| Q2 2025 Avison Young | — | 5.1% | — | — | Avison Young |
| Q1 2025 Cushman & Wakefield | $8.17/SF/yr | 4.3% | 953K SF | 4 SF | Cushman & Wakefield |
| Q1 2025 Newmark | $9.20/SF/yr | 4.9% | 970K SF | — | Newmark |
| Q4 2024 Newmark | $9.09/SF/yr | 5.2% | 1.4M SF | — | Newmark |
| Q3 2024 Lee & Associates | $8.40/SF/yr | 4.1% | 5.3M SF | — | Lee & Associates |
| Q1 2024 Newmark | $8.61/SF/yr | 5.0% | — | 3.0M SF | Newmark |
| Q4 2023 Newmark | $8.78/SF/yr | 3.7% | 3.6M SF | 5.0M SF | Newmark |
| Q4 2020 Cushman & Wakefield | $5.55/SF/yr | 7.7% | 458K SF | 2 SF | Cushman & Wakefield |
| Q3 2020 Cushman & Wakefield | $5.54/SF/yr | 7.6% | 773K SF | — | Cushman & Wakefield |
| Q2 2020 Cushman & Wakefield | $5.67/SF/yr | 7.4% | 627K SF | — | Cushman & Wakefield |
| Q1 2020 Cushman & Wakefield | $5.70/SF/yr | 7.0% | 461K SF | — | Cushman & Wakefield |
Industrial asking rents by submarket
The newest asking rent a named brokerage's report published for each Minneapolis industrial submarket, with its publisher and quarter. Submarkets whose newest figure cannot be attributed, or falls outside a plausible range, are left out.
| Submarket | Asking rent | Source |
|---|---|---|
| East | $10.19/SF/yr CBRE · Q1 2026 | CBRE, Q1 2026 |
| Midway | $8.10/SF/yr CBRE · Q1 2026 | CBRE, Q1 2026 |
| Minneapolis | $10.19/SF/yr CBRE · Q1 2026 | CBRE, Q1 2026 |
| North Central | $9.10/SF/yr CBRE · Q1 2026 | CBRE, Q1 2026 |
| Northeast | $8.16/SF/yr Cushman & Wakefield · Q2 2026 | Cushman & Wakefield, Q2 2026 |
| Northwest | $8.84/SF/yr Cushman & Wakefield · Q2 2026 | Cushman & Wakefield, Q2 2026 |
| South Central | $7.75/SF/yr CBRE · Q1 2026 | CBRE, Q1 2026 |
| Southeast | $8.41/SF/yr Cushman & Wakefield · Q2 2026 | Cushman & Wakefield, Q2 2026 |
| Southwest | $8.99/SF/yr Cushman & Wakefield · Q2 2026 | Cushman & Wakefield, Q2 2026 |
| St Paul | $7.47/SF/yr CBRE · Q1 2026 | CBRE, Q1 2026 |
How the brokerage sources compare
For Q2 2026, the brokerages CREhunt aggregates for Minneapolis industrial did not fully agree. On vacancy, the sources span 0.5 points — from 4.4% (CBRE) to 4.9% (Cushman & Wakefield). CREhunt reconciles these into a single consensus median rather than relying on any one brokerage.
| Source | Vacancy | Asking rent | Cap rate |
|---|---|---|---|
| Cushman & Wakefield | 4.9% | $8.62/SF/yr | 5.0% |
| CBRE | 4.4% | — | — |
Per-brokerage figures for Q2 2026, aggregated from published brokerage market reports.
Frequently asked questions
- What is the average asking rent for industrial space in Minneapolis?
- As of Q2 2026, the average asking rent for industrial space in Minneapolis was $8.62/SF/yr, per Cushman & Wakefield.
- What is the industrial vacancy rate in Minneapolis?
- The industrial vacancy rate in Minneapolis was 4.9% as of Q2 2026 (Cushman & Wakefield).
- Where does CREhunt's Minneapolis market data come from?
- This report aggregates quarterly industrial market data for Minneapolis from Cushman & Wakefield, CBRE, Newmark, JLL, Avison Young, Lee & Associates.
- How much do brokerage estimates differ for industrial space in Minneapolis?
- For Q2 2026, the brokerage sources CREhunt aggregates for Minneapolis did not fully agree. On vacancy, the sources span 0.5 points — from 4.4% (CBRE) to 4.9% (Cushman & Wakefield). CREhunt reconciles these into a single consensus median rather than relying on any one brokerage.