St. Paul office space report

  • Updated: October 8, 2012 - 8:02 PM

 

Key takeaways from the Greater St. Paul Building Owners & Managers Association:

Median gross rental rates increased in Class A and Class B space, and have remained flat in Class C space since 2007. The median rate for Class A space is $24.43 per square foot, up from $22.95 in 2011. Class B space is $18.17 per square foot, up from $17.83 in 2011. Class C space is $15 per square foot.

48 percent of the office space in St. Paul's central business district is competitive space, 33 percent is government space, and 19 percent is owner-occupied -- unchanged from last year.

Space available for sublease tripled, going from 23,366 square feet in 2011 to 71,424 square feet in 2012.

Building sales in the past year include the First National Bank building, UBS Plaza and the Pioneer-Endicott buildings.

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