Report: Downtown St. Paul vacancies ease
Greater Saint Paul BOMA’s 2025 Market Report, released Oct. 14, finds downtown St. Paul’s competitive office vacancy improved to about 31% from a peak above 32% last year, after rising from roughly 18% in 2020. BOMA president Tina Gassman says the district is stabilizing with public‑private efforts underway, while more than 1 million square feet left vacant by Madison Equities remains a major drag.
📌 Key Facts
- BOMA tracks ~14 million sq. ft. of downtown St. Paul office inventory.
- Vacancy: ~18% (2020) → >32% peak (2024) → ~31% (2025 competitive office space).
- BOMA cites >1 million sq. ft. of Madison Equities space as a key challenge.