MINNEAPOLIS—The office market in this city has continued to soar even after putting together several very strong years, according to JLL's Spring 2015 Minneapolis Skyline Review, its study of the top downtown office properties. However, the firm's researchers also note that a strong discrepancy has developed between the top trophy properties and the other class A and B buildings.

“While total vacancy in the 15 non-trophy assets is slightly north of 16%, total vacancy remains slightly less than 10% for the eight trophy assets,” the firm found. Rental rates have also separated in the last few years. Since 2012, average gross asking rates in the downtown's non-trophy assets grew by 3.8%, but the top trophies saw 9.4% growth and now command an average gross rent premium of more than $6.00 per square foot.

The 23 Minneapolis properties include the 1.1 million square-foot 33 South Sixth, a 50-story trophy asset with 98.8% occupancy and the 871,232 square-foot 901 Third Avenue, a class A building that is about 30% vacant. JLL defines this city's Skyline as the trophy, class A and class B buildings with more than 250,000 square feet and at least ten stories. Furthermore, each must have been built or significantly renovated since 1985, or have a high-profile location, a recognized tenant profile, or have architectural significance.