Newer construction has continued to see positive net absorption over the past 7 years within the MSP office market
Total yearly net absorption in MSP has been negative each year since 2018, with negative absorption consistently occurring within office properties constructed before 2010.
2021 and 2022 witnessed escalated negative net absorption, particularly in office properties built in the 70’s – 80’s, notably 33 S 6th St (City Center), where Target returned over 800ksf of leased space in 2021.
In 2024 YTD, net absorption has turned positive, primarily driven by office properties constructed in 2010 or later, which have experienced positive net absorption each year.
