I-494 Corridor Submarket Report
Richfield | Bloomington | Edina | Eden Prairie | Chanhassen Minneapolis
Submarket Overview
The I-494 Corridor submarket covers a large portion of the southwest suburbs of the Twin Cities metro area. The market is comprised of the cities of Richfield, Bloomington, Edina, Eden Prairie, Chanhassen, and a portion of South Minneapolis. This large submarket is home to several top Twin Cities employers and Fortune 500 companies, including United Health Group HQ (4,400 employees), Best Buy HQ (4,500 employees), and CH Robinson HQ (2,200 employees). The region is also home to the MSP International Airport and the Mall of America.
The I-494 submarket contains approximately 34.3 million square feet of office space. The vacancy rate is at its highest at 10.4%, which is the highest it has been in over a decade. This rate is even higher than the Minneapolis vacancy rate of 9.8%. There is nothing under construction currently, and inventory has dropped over the past several years as demolition has outpaced construction.
