Minneapolis, MN CAM Reconciliation Guide
Vacancy rates, property tax system, operating expense benchmarks, and market-specific CAM billing considerations for Minneapolis, MN commercial landlords.
Current Vacancy Rates
Source: CBRE/JLL Q4 2025 Market Reports
Average CAM per Square Foot
Property Tax System
Hennepin County Assessor / Ramsey County Assessor
File with County Board of Appeal and Equalization by June. Can appeal to Minnesota Tax Court. Annual reassessment.
~2.5-3.5% effective rate (among higher rates nationally; state general tax applies to commercial)
Key Submarkets
CAM Billing Considerations
- Minnesota state general property tax adds layer on top of local levies for commercial
- Skyway system creates unique common area cost allocation for connected buildings
- Heavy snow removal costs are major seasonal CAM item
- Fiscal disparities program redistributes tax base across metro, affecting levies
- Corporate departures (Target HQ downsizing) impacting downtown vacancy
BOMA Minneapolis
Market Context
Minneapolis's skyway-connected buildings present a unique CAM allocation challenge — shared infrastructure costs must be apportioned among connected buildings. Snow removal and heating are dominant seasonal CAM items.
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