Bloomington Office Rent Price & Sales Report

2023 Office Space Rent & Sales

  • $28.08 2023 Avg. Asking Rent
  • 4.77% Y-o-Y Avg. Asking Rent Change
  • 17.48% 2023 Office Vacancy Rate

Bloomington office price per square foot in 2023 was $28.08 on average. This marked a +4.77% change in office space price per square foot compared to the previous year. The local office market recorded an average vacancy rate of 17.48% across all asset classes combined.

See how this market compares to the national average: U.S. office space rent & sales.

Average Rent by Office Class

2023 Average Office Rent per Square Foot

  • Bloomington Class A & A+ Office Space$32.60
  • Bloomington Class B Office Space$21.14
  • Minnesota Class A & A+ Office Space$31.15
  • Minnesota Class B Office Space$23.44
  • Minnesota Class C Office Space$26.99

Bloomington, MN Office Asking Rents by Class

2023 Office Vacancy Rates in Bloomington

Submarket Asking Rents Vacancy Rates
Bloomington - Edina $28.90 16.47%
Airport $22.11 18.44%
Data provided by Commercial Edge
Submarket differences in factors such as property mix, degree of accessibility, and availability of amenities influence not only variation in office rent price, but also in vacancy rates. The overall office vacancy rate on the Bloomington market was 17.48% in 2023. Looking at the market stats on a more granular level, data shows that the lowest office vacancy rate in Bloomington was 16.47% in the Bloomington - Edina submarket, while the highest office vacancy in the market was 18.44%, recorded in Airport.

Office Spaces for Rent in Minnesota

Coworking Spaces in Minnesota

Largest Office Properties Recently Completed in Bloomington
Office building Address SF Completed
Normandale 8200 Tower 5600 W 83rd St, 55437 274,050 2009
Normandale 8000 Tower 8000 Norman Center Drive, 55437 240,000 2001
One Marketpointe 4300 Marketpointe Drive, 55435 238,371 2000
West Bloomington Technology Park 10801 Nesbitt Avenue South, 55437 297,485 1999
6161 American Blvd West 6161 American Blvd West, 55438 36,827 1999
SoLo 3311 3311 East Old Shakopee Road, 55425 207,000 1998
Hampshire Technology Center 10900 Hampshire Avenue, 55438 144,441 1998
One Liberty Corporate Center 6625 West 78th Street, 55439 325,000 1997
Normandale 8500 Tower 8500 Normandale Lake Boulevard, 55437 484,290 1988
Normandale Lake Office Park - 8500 Tower 8500 Normandale Lake Blvd, 55437 467,016 1986

Worth noting among recent office completions on the Bloomington market is Normandale 8200 Tower, which is currently the largest new office development in the city, at 274,050 square feet.

Data provided by Commercial Edge

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This market stats report is based on analysis of city-level data that includes office properties equal to or larger than 25,000 square feet in size. Averages were calculated based on values dated January 1st 2023 through December 31st 2023. Construction pipeline data represented herein is valid as of April 2024. The information on this page was compiled using data provided by CommercialEdge, a market intelligence solution which offers comprehensive real market knowledge on all Bloomington commercial properties sized 25,000 square feet or larger.

While every effort was made to ensure the accuracy of the data presented in this report, the information is provided “as is” and neither CommercialCafe nor CommercialEdge can guarantee that the information provided is complete.