Office Market Gains Some Traction But Largely Remains Flat
Q3 of the Minneapolis-St. Paul multi-tenant office market closed with a positive absorption of 197,959 square feet, which is a slight rebound in the market from the negative effects of the novel coronavirus. Vacancy dropped to 13.2% overall in the market, down from 13.9% last quarter. Many tenants continue to work from home in anticipation of a widely available vaccine. Landlords are starting to transition to offering shorter-term leases to get through COVID-19 and coming out with spec suites that are move-in ready.