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Southwest Suburbs See Office Vacancy Spike

MINNEAPOLIS-Vacancy rate is up to 12.7% -- 16.6% if you add in space available for sublease -- as absorption turned negative in second half of the year, according to Bloomington, MN-based United Properties.

By Jim McCartney | Updated on December 17, 2001

MINNEAPOLIS-”Overleased” is a useful way to characterize the year-end status of the Southwest submarket, says a recent report on the office market by Bloomington, MN-based United Properties. The term “overleased” refers to the combination of companies that have reduced head counts but not attempted to release their unused space and companies that actively seek to sublease their excess capacity.

Between them, there is an undetermined amount of space for the market to reabsorb when demand improves.

Total listed sublease space at year-end in the Southwest was 533,215 sf, according to the survey.

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