New leasing volume hits lowest level in over a decade in Minneapolis office market

New leasing volume in Minneapolis’ office sector last year hit its lowest level since 2010, as tenants continue to right-size their footprints in response to structural shifts in working arrangements and sustained nation-leading office-using job losses. While the number of new leases signed in 2024 exceeded the average from 2015 to 2019 by approximately 3%, overall volume was down by roughly 21%, driven by shrinking space requirements.