Competitive Office Space Analysis

Approximately 53%, or 9.39 million sq. ft., of the St. Paul Central Business District office space is competitive (multi-tenant space) and is categorized into class A, B and C space.

The competitive offi ce space in the St. Paul Central Business District consists of 26.5% class A space, 62.7% class B space, and 10.8% class C space. The market has seen an increase in competitive class A and B office space in the past ten years and a decline in the percentage of class C space due to a trend of building new class A space and converting under utilized class C space into downtown housing.

In 2006, the overall vacancy rate for competitive space is 24.6%. The vacancy is lowest in class A space (11.4%), and comparable in class B space (29.4%) and class C space (29.5%).