I-394 Corridor Submarket Report
St. Louis Park | Golden Valley | Hopkins | Minnetonka | New Hope Plymouth | Wayzata | Minneapolis
Submarket Overview
The I-394 Corridor submarket covers the western suburbs of the Twin Cities metro area. The market is comprised of the cities of St. Louis Park, Golden Valley, Hopkins, Minnetonka, New Hope, Plymouth, Wayzata, a large portion of Minneapolis, and several other smaller cities. Top employers in this submarket include Park Nicollet Health Services (6,000 employees), General Mills (4,500 employees), and Cargill (3,400 employees). The region also covers a large portion of Lake Minnetonka, which is Minnesota’s most affluent residential area.
The I-394 submarket contains approximately 29.4 million square feet of office space. The vacancy rate is at its highest at 11.0% and is expected to drop slightly. This rate is higher than the Minneapolis vacancy rate of 9.8%. There is approximately 78,000 SF under construction currently, with approximately 640,000 SF having previously been delivered over the past few years.
