01Office
- Vacancy
- 19.6%
- Sublease
- 410,000 SF
- Absorption
- -84,000 SF
- Under construction
- 0 SF
- Asking rate
- $16.20
- Year on year
- -0.9%
Quoted nnn.
- Home
- Submarkets
- St. Paul CBD and Lowertown
St. Paul CBD and Lowertown
Gross occupancy cost runs roughly five to nine dollars under comparable Minneapolis CBD space, and the floor plates are more forgiving.
- St. Paul
- Lowertown
- West Seventh
- Office vacancy
- 19.6%
- Asking rate
- $16.20
- Year on year
- -0.9%
- Access
- Interstates 94 and 35E, Green Line light rail, Union Depot
Reading the submarket
St. Paul's core is smaller, older and considerably cheaper than Minneapolis. The inventory is dominated by pre-war masonry buildings, many converted in the last twenty years, with floor plates in the 15,000 to 25,000 square foot range and load factors that tend to sit between 1.11 and 1.15.
The value argument is straightforward. A tenant paying 28 dollars gross per rentable square foot in Lowertown would pay 33 to 35 for comparable quality downtown Minneapolis. Over a ten year term on 20,000 square feet that difference is well over a million dollars.
What you give up is the skyway network, which is far less complete than Minneapolis, and a thinner restaurant and amenity base outside the immediate Lowertown blocks. What you gain is Union Depot, the Green Line and a materially shorter commute for anyone living east of the river.
Current fundamentals
Seven metrics per property type. Sublease availability is listed separately because it competes with direct space on price and the headline vacancy figure hides it.
| Property type | Vacancy | Sublease available | Net absorption | Under construction | Asking rate | Structure | Year on year |
|---|---|---|---|---|---|---|---|
| Office | 19.6% | 410,000 SF | -84,000 SF | 0 SF | $16.20 | NNN | -0.9% |
| Retail | 11.2% | 26,000 SF | +14,000 SF | 0 SF | $22.75 | NNN | +0.6% |
| Industrial | 4.2% | 61,000 SF | +96,000 SF | 120,000 SF | $9.65 | NNN | +5.1% |
02Retail
- Vacancy
- 11.2%
- Sublease
- 26,000 SF
- Absorption
- +14,000 SF
- Under construction
- 0 SF
- Asking rate
- $22.75
- Year on year
- +0.6%
Quoted nnn.
03Industrial
- Vacancy
- 4.2%
- Sublease
- 61,000 SF
- Absorption
- +96,000 SF
- Under construction
- 120,000 SF
- Asking rate
- $9.65
- Year on year
- +5.1%
Quoted nnn.
Sample Illustrative figures for a demonstration website. Real submarket research is published quarterly and is available on request.
Available in St. Paul CBD and Lowertown
01Office
Union Depot Exchange, Suite 300
214 East Fourth Street, St. Paul
- Available
- Divisible
- Size
- 22,400 SF
- Base rate
- $16.75
- Gross
- $28.15
The largest contiguous block in Lowertown, at a gross occupancy cost roughly nine dollars under comparable Minneapolis CBD space.
Space detail02Retail
Grand Avenue Storefront
1044 Grand Avenue, St. Paul
- Available
- Sublease
- Size
- 2,240 SF
- Base rate
- $26.50
- Gross
- $36.25
A sublease through August 2029 at roughly four dollars under the current direct asking rate on Grand.
Space detail03Industrial
Vandalia Industrial, Suite A
755 Vandalia Street, St. Paul
- Available
- Sublease
- Size
- 31,500 SF
- Base rate
- $6.95
- Gross
- $9.80
A 36 month sublease at nearly two dollars under the direct rate, for a user who does not need the height.
Space detail
Who covers it
Tomas Lindgren
Senior Advisor, Retail leasing
Tomas leases retail across the east metro and the western suburbs, with a particular concentration in restaurant and food service requirements where the infrastructure question decides the deal.
Nearby submarkets
01Office
02Office
03Industrial
Looking at St. Paul CBD and Lowertown
We will send the current availability set, the comparable deals we know about and an honest view of what the submarket will actually agree to.