MSP Office visitation experiencing segmented recovery

high-quality, low quality, office building utilization, office visitation, urban and suburban markets, pre-pandemic levels,
  • Utilizing Avison Young’s new Busyness Index, an analysis of the Twin Cities’ office building utilization during the month of June 2024 reveals that office visitation is 47.9% of pre-pandemic levels when compared to June 2019. This is below the national average but above other mature markets such as Seattle and Sacramento.
     
  • A deeper analysis based on submarket (urban and suburban) and property class reveals a more segmented recovery within the market.
     
  • Low-quality properties in urban areas have seen a stronger year-over-year recovery in employee visitation compared to high-quality properties, partially due to multiple companies establishing more aggressive return to office policies. However, employee visitation levels remain significantly below pre-pandemic levels.
     
  • Alternatively, high- and low-quality properties in suburban areas have seen similar recovery rates since June 2019, with high-quality properties seeing slightly stronger visitation growth year-over-year.

July 30, 2024

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US-MN-MSP Minneapolis