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Downtown St. Paul Office Market Improves

ST. PAUL-Vacancy levels decline slightly to 24.4% as of the end of February. The most significant leasing activity is among the government sector.

By Jim McCartney | Updated on March 15, 2005

ST. PAUL-The office vacancy rate eased a little Downtown in recent months–an encouraging sign for a market that saw competitive vacancy rates hit 25% last fall. The Downtown competitive office-vacancy rate declined to 24.2% at the end of February from 25% in August, according to a new market report by the St. Paul Building Owners and Managers Association.

Among the key new leases in recent months Downtown were nearly 70,000 sf to the Internal Revenue Service at Wells Fargo Place and 170,000 sf to the State of Minnesota’s Department of Employment and Economic Development at the First National Bank Building. But offsetting some of those gains was the move out of two state agencies–Department of Health Services and the Department of Employment and Economic Development exiting 130,000 sf at Metro Square, according to the report.

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