Twin Cities office vacancies rise to 19.9% in fourth quarter A national report says a 2021 recovery likely will not take hold until the second half of the year. January 19, 2021 9:58pm Text size Copy shortlink:
COVID-19 and the economic downturn continued to throttle Minnesota and the U.S. office market during the fourth quarter as vacancies and sublease offerings soared.
U.S. office vacancy rates during the final months of 2020 were the highest in 18 years, with those affected most including Midtown Manhattan, San Francisco, Boston and Seattle.
Office vacancies in Minneapolis and St. Paul jumped to 19.9% of the 78.5 million square feet across the metro area. That is up from 17.9% one year ago.