St. Paul office space report
- 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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