Competitive Occupancy/Vacancy
The Saint Paul CBD consists of 7,417,113 square feet of Competitive office space. For the purposes of comparison, this office space is grouped into three classes, A, B & C. These classes represent a subjective quality rating of buildings which indicates the competitive ability of each building to attract similar types of tenants. A combination of factors including rent, building finishes, system standards and efficiency, building amenities, location/accessibility and market perception are used as relative measures.
Class A
Most prestigious buildings competing for premier office users with rents above average for the area. Buildings have high quality standard finishes, state of the art systems, exceptional accessibility, and a definite market presence.
Class B
Buildings competing for a wide range of users with rents in the average range for the area. Building finishes are fair to good for the area and systems are adequate, but the building does not compete with Class A at the same price.
Class C
Buildings competing for tenants requiring functional space at rents below the average for the area.
The overall vacancy rate for Competitive office space in the Saint Paul CBD is 24.2% (1,793,605 square feet), an increase from 23.1% (1,714,649 square feet) in 2021. Vacancy is lowest in Class C space (13.9%) and highest in Class B space (27.7%).
