Minneapolis Office Market Report
By CREhunt Research · Data through Q2 2026 · Aggregated from Cushman & Wakefield, CBRE, Colliers
Quarterly office market indicators for Minneapolis, aggregated by CREhunt from Cushman & Wakefield, CBRE, Colliers. As of Q2 2026, average asking rent was $30.16/SF/yr and vacancy was 27.0%, per Cushman & Wakefield.
Projected current office pricing — Minneapolis
Modeled estimate (income approach) shown as a range — not an appraisal. No market-specific cap rate is published for Minneapolis office yet, so this applies the typical cap rate across comparable office markets — treat it as a rough, indicative range that sharpens as sourced cap rates arrive. Projected asking rent × occupancy × net-operating-income margin band ÷ a benchmark cap rate, from Q2 2026 Cushman & Wakefield asking-rent data (benchmark cap rate 6.5%–8.6%, asking rent held flat). Assumes ~73% occupancy and a 50–65% net-operating-income margin.
| Quarter | Asking rent | Vacancy | Net absorption | Under constr. | Source |
|---|---|---|---|---|---|
| Q2 2026 Cushman & Wakefield | $30.16/SF/yr | 27.0% | 329K SF | — | Cushman & Wakefield |
| Q1 2026 CBRE | $29.92/SF/yr | 25.2% | — | — | CBRE |
| Q1 2026 Cushman & Wakefield | $29.97/SF/yr | 27.5% | -236K SF | — | Cushman & Wakefield |
| Q4 2025 Cushman & Wakefield | $29.64/SF/yr | 27.9% | -194K SF | — | Cushman & Wakefield |
| Q4 2025 Colliers | $31.89/SF/yr | 21.8% | — | — | Colliers |
| Q3 2025 Cushman & Wakefield | $29.34/SF/yr | 27.9% | 178K SF | — | Cushman & Wakefield |
| Q2 2025 Cushman & Wakefield | $29.14/SF/yr | 29.0% | -104K SF | — | Cushman & Wakefield |
| Q1 2025 Colliers | — | 4.2% | 6 SF | — | Colliers |
| Q1 2025 Cushman & Wakefield | $25.49/SF/yr | 17.6% | -164K SF | — | Cushman & Wakefield |
| Q4 2024 Cushman & Wakefield | $29.10/SF/yr | 29.3% | — | — | Cushman & Wakefield |
| Q4 2020 Cushman & Wakefield | $27.00/SF/yr | 19.9% | 483K SF | — | Cushman & Wakefield |
| Q3 2020 Cushman & Wakefield | $26.68/SF/yr | 19.1% | -315K SF | — | Cushman & Wakefield |
| Q2 2020 Cushman & Wakefield | $26.24/SF/yr | 18.2% | 199K SF | — | Cushman & Wakefield |
| Q1 2020 Cushman & Wakefield | $26.18/SF/yr | 17.9% | 21K SF | — | Cushman & Wakefield |
| Q4 2019 Cushman & Wakefield | $26.16/SF/yr | 17.9% | 763K SF | — | Cushman & Wakefield |
| Q3 2019 Cushman & Wakefield | — | 17.9% | 750K SF | — | Cushman & Wakefield |
| Q1 2019 Cushman & Wakefield | $25.84/SF/yr | 17.4% | 154K SF | — | Cushman & Wakefield |
Office asking rents by submarket
The newest asking rent a named brokerage's report published for each Minneapolis office 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 |
|---|---|---|
| BEA | $26.65/SF/yr CBRE · Q1 2026 | CBRE, Q1 2026 |
| Midway | $23.99/SF/yr CBRE · Q1 2026 | CBRE, Q1 2026 |
| Minneapolis CBD | $32.87/SF/yr Cushman & Wakefield · Q2 2026 | Cushman & Wakefield, Q2 2026 |
| North Loop | $30.47/SF/yr CBRE · Q1 2026 | CBRE, Q1 2026 |
| Northeast | $24.39/SF/yr Cushman & Wakefield · Q2 2026 | Cushman & Wakefield, Q2 2026 |
| Northwest | $24.06/SF/yr Cushman & Wakefield · Q2 2026 | Cushman & Wakefield, Q2 2026 |
| South/Airport | $25.40/SF/yr Cushman & Wakefield · Q2 2026 | Cushman & Wakefield, Q2 2026 |
| Southwest | $31.52/SF/yr Cushman & Wakefield · Q2 2026 | Cushman & Wakefield, Q2 2026 |
| St. Paul CBD | $22.57/SF/yr Cushman & Wakefield · Q2 2026 | Cushman & Wakefield, Q2 2026 |
| Suburban St. Paul | $23.23/SF/yr CBRE · Q1 2026 | CBRE, Q1 2026 |
| West | $32.05/SF/yr Cushman & Wakefield · Q2 2026 | Cushman & Wakefield, Q2 2026 |
How the brokerage sources compare
For Q1 2026, the brokerages CREhunt aggregates for Minneapolis office did not fully agree. On vacancy, the sources span 2.3 points — from 25.2% (CBRE) to 27.5% (Cushman & Wakefield). Asking-rent estimates differ by $0.05/SF/yr — from $29.92/SF/yr to $29.97/SF/yr. CREhunt reconciles these into a single consensus median rather than relying on any one brokerage.
| Source | Vacancy | Asking rent | Cap rate |
|---|---|---|---|
| CBRE | 25.2% | $29.92/SF/yr | — |
| Cushman & Wakefield | 27.5% | $29.97/SF/yr | — |
Per-brokerage figures for Q1 2026, aggregated from published brokerage market reports.
Frequently asked questions
- What is the average asking rent for office space in Minneapolis?
- As of Q2 2026, the average asking rent for office space in Minneapolis was $30.16/SF/yr, per Cushman & Wakefield.
- What is the office vacancy rate in Minneapolis?
- The office vacancy rate in Minneapolis was 27.0% as of Q2 2026 (Cushman & Wakefield).
- Where does CREhunt's Minneapolis market data come from?
- This report aggregates quarterly office market data for Minneapolis from Cushman & Wakefield, CBRE, Colliers.
- How much do brokerage estimates differ for office space in Minneapolis?
- For Q1 2026, the brokerage sources CREhunt aggregates for Minneapolis did not fully agree. On vacancy, the sources span 2.3 points — from 25.2% (CBRE) to 27.5% (Cushman & Wakefield). Asking-rent estimates differ by $0.05/SF/yr — from $29.92/SF/yr to $29.97/SF/yr. CREhunt reconciles these into a single consensus median rather than relying on any one brokerage.