Analyzing office visitations vs. leased office space across MSP

• A significant amount of leased office space in Minneapolis–St. Paul remains vacant despite businesses resuming in-person work.
   
• Occupancy in real estate traditionally refers to the amount of leased space throughout the market. By this definition, total office occupancy in MSP sits at 81.8%.
   
•  However, by utilizing our Office Busyness Index, we can view occupancy not just by the amount of leased space, but by the true physical presence of people. Per the Busyness Index, the average office visitation level for Q3 2024 QTD was 51.0%. In other words, offices are 51.0% as busy as they were in Q3 2019.
   
• This has resulted in a 308-basis point delta, which signifies the amount of office space that is actively being paid for but is also sitting vacant.

September 3, 2024

Additional resources

• MSP office users favor going into the office early in the week
• MSP Office visitation experiencing segmented recovery

Share

View all data bites