St. Paul Office Rent Price & Sales Report

2023 Office Space Rent & Sales

  • $24.62 2023 Avg. Asking Rent
  • -1.32% Y-o-Y Avg. Asking Rent Change
  • 16.45% 2023 Office Vacancy Rate
  • $10M2023 Total Office Sales
  • $51.04Avg. Sale Price/SF

St. Paul office price per square foot in 2023 was $24.62 on average. This marked a -1.32% change in office space price per square foot compared to the previous year. The local office market recorded an average vacancy rate of 16.45% across all asset classes combined. The 4 transactions that closed here throughout 2023 amounted to a total sale volume of $10M. St. Paul office space commanded an average sale price per square foot of $51.04.

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

  • St. Paul Class A & A+ Office Space$26.75
  • St. Paul Class B Office Space$21.44
  • Minnesota Class A & A+ Office Space$31.15
  • Minnesota Class B Office Space$23.44
  • Minnesota Class C Office Space$26.99

St. Paul, MN Office Asking Rents by Class

2023 Office Vacancy Rates in St. Paul

Submarket Asking Rents Vacancy Rates
St. Paul - West Seventh $34.97 8.59%
Washington County $28.02 20.14%
Dakota County - Southwest $25.56 8.79%
St. Paul - Downtown $25.53 20.95%
Ramsey County - North $22.76 19.31%
St. Paul - West $21.74 15.43%
Dakota County - North $20.22 18.59%
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 St. Paul market was 16.45% in 2023. Looking at the market stats on a more granular level, data shows that the lowest office vacancy rate in St. Paul was 8.59% in the St. Paul - West Seventh submarket, while the highest office vacancy in the market was 20.95%, recorded in St. Paul - Downtown.

Office Spaces for Rent in Minnesota

St. Paul Office Sale Price per SF

  • $51.042023 Avg. Price per SF
  • -28.82%Y-o-Y Avg. PpSF Change
  • $10M2023 Office Sales Volume
  • 42023 Number of Transactions

St. Paul, MN Sale Price per SF Trend

  • St. Paul Avg. Sale Price per SF in 2023$51.04
  • Minnesota Avg. Sale Price per SF in 2023$155.11
St. Paul office space cost in 2023 marked a -28.82% change compared to the previous year. The sale price for office space in St. Paul averaged $51.04 per square foot in 2023, across all market subdivisions and asset classes. Conversely, the statewide Minnesota average office sale price during the same time period was $155.11 per square foot.

2023 Office Sales Volume

  • St. Paul, MN Total Office Sales Volume in 2023 $10M
  • St. Paul, MN Total Number of Office Sales Closed in 2023 4
A total of 4 deals closed on the St. Paul office market in 2023, adding up to a yearly sales volume of $10M. Notably, the largest transaction on the market saw 1515 Central Pkwy change hands for $4,450,000 on 4/20/2023.
Data provided by Commercial Edge

Coworking Spaces in Minnesota

2023 Office Construction in St. Paul, MN

Largest Office Properties Recently Completed in St. Paul
Office building Address SF Completed
Highland Bridge Medical 2270 Ford Pkwy, 55116 60,000 2023
Randolph Square 335 Randolph Avenue, 55102 82,174 2021
Vandalia Tower 550 Vandalia Street, 55114 203,773 2019
The 428 428 Minnesota Street, 55101 60,000 2018
765 Hampden Avenue 765 Hampden Avenue, 55114 158,527 2009
Bandana Square 1021 Bandana Blvd East, 55108 138,623 2008
Midway Innovation Center II 2344 Energy Park Drive, 55108 59,880 2007
441 University Ave #W 441 University Ave #W, 55103 6,434 2007
Midway Innovation Center I 2340 Energy Park Drive, 55108 107,344 2005
Energy Park Corporate Center 1260 Energy Lane, 55108 100,364 2003

Worth noting among recent office completions on the St. Paul market is Highland Bridge Medical, which is currently the largest new office development in the city, at 60,000 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 St. Paul 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.