Edina Office Rent Price & Sales Report

2023 Office Space Rent & Sales

  • $28.12 2023 Avg. Asking Rent
  • 3.11% Y-o-Y Avg. Asking Rent Change
  • 16.08% 2023 Office Vacancy Rate

Edina office price per square foot in 2023 was $28.12 on average. This marked a +3.11% change in office space price per square foot compared to the previous year. The local office market recorded an average vacancy rate of 16.08% 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

  • Edina Class A & A+ Office Space$31.18
  • Edina Class B Office Space$26.71
  • Edina Class C Office Space$14.00
  • Minnesota Class A & A+ Office Space$31.15
  • Minnesota Class B Office Space$23.44
  • Minnesota Class C Office Space$26.99

Edina, MN Office Asking Rents by Class

Average office rent in Edina rested at $28.12 per square foot in 2023. As would be expected, office rent price showed some variation from one asset class to another. As such, the asking rent for class A office space in Edina averaged $31.18 per square foot. Across all submarkets, class B office space recorded an average asking rent of $26.71 per square foot. Meanwhile, assets encompassing class C office space saw asking rents of $14.00 per square foot, on average. Comparably, statewide Minnesota average office rents by class in 2023 were: $31.15 per square foot for class A office space; $23.44 per square foot for class B office space; $26.99 per square foot for class C office space.

2023 Office Vacancy Rates in Edina

Submarket Asking Rents Vacancy Rates
Bloomington - Edina $28.90 16.47%
St Louis Park - Golden Valley $26.41 23.68%
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 Edina market was 16.08% in 2023. Looking at the market stats on a more granular level, data shows that the lowest office vacancy rate in Edina was 16.47% in the Bloomington - Edina submarket, while the highest office vacancy in the market was 23.68%, recorded in St Louis Park - Golden Valley.

Office Spaces for Rent in Minnesota

Coworking Spaces in Minnesota

Largest Office Properties Recently Completed in Edina
Office building Address SF Completed
1118 Mainstreet 1118 Mainstreet, 55343 25,275 2024
Bhatti GI 6500 Barrie Rd, 55435 54,660 2023
Centennial Lakes V 3600 Minnesota Drive, 55435 220,048 2000
Centennial Lakes IV 7650 Edinborough Way, 55435 209,000 1999
Centennial Lakes III 3601 West 76th Street, 55435 134,945 1999
Centennial Lakes I 7701 France Avenue South, 55435 129,614 1997
Fairview Southdale Physicians Building 6363 France Avenue South, 55435 70,934 1989
Edinborough Corporate Center 3300 Edinborough Way, 55435 101,568 1986
Braemar Office Park II 8000 West 78th Street, 55439 106,933 1983
7201 W. 78th Street 7201 W. 78th Street, 55439 4,383 1983

Worth noting among recent office completions on the Edina market is 1118 Mainstreet, which is currently the largest new office development in the city, at 25,275 square feet.

Data provided by Commercial Edge

See reports for other markets

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 Edina 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.