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BOMA Pegs Downtown Vacancy at 25%

ST. PAUL-The move across the Mississippi River of US Bank hurts the market. Help is on the way with some vacant space converting to residential and new tenants, including Gander Mountain's big lease.

By Jim McCartney | Updated on October 13, 2004

ST. PAUL-The Downtown multi-tenant office vacancy rate is up to 25.5%, if you add in subleased space, according to a new survey from the Saint Paul Building Owners and Managers Association. The move of US Bank’s office operations to the West Side Flats, and vacant office space that has since been converted to residential condos, accounted for much of the increase in vacancies.

The city has plenty of company in the Midwest, where other cities with competitive office vacancy rates in excess of 20% include Minneapolis, Kansas City, MO, and Columbus, OH. Although industry insiders discuss vacancy in terms of competitive office rates, BOMA argues that the large amount of government and owner-occupied space makes this city unique. Yet even the overall vacancy rate that takes single-user space into consideration–14%–is up 3 percentage points from 2003. In 2001, the overall vacancy rate was 8.1%.

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