SAINT PAUL, MN – Greater Saint Paul Building Owners and Managers Association (BOMA) released the 2019 Saint Paul Market Report today. This is the 25th edition of the report. Overall, results were mixed in the office market as MNCAR-informed reclassification impacts the building data.
A Quick Overview:
The overall occupancy rate of 89.85%, includes Competitive, Government, and Owner-occupied space. Total office space consists of 48% Competitive space, 32% Government space, and 20% Owner-occupied space. Significant changes include: removal of Ecolab University Building and Empire Building, the addition of Treasure Island Center, and conversion of office space to residential First National Bank Building.
Overall vacancy rate for competitive Office Space is 21.12%, and increase from 19.10% in 2018. Vacancy is lowest in Class C and highest in Class B. This is due to some transition and consolidation in the market.
About the Greater Saint Paul Building Owners and Managers Association
Greater Saint Paul BOMA has a membership of more than 300 commercial real estate and building management professionals, and is one of more than 100 BOMA affiliates in North America. The organization works to provide leadership to the commercial real estate industry through advocacy, education, research, and professional networking. It also keeps its members up to date on trends and developments that are important to building management and a vibrant downtown. For more information, go to www.bomastpaul.org.