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Ramsey Shopping Centers <br />There are two major shopping areas in Ramsey: Northstar Marketplace and Rum River retail <br />area. Northstar Marketplace is a 96,175 square foot neighborhood center anchored by Coborn's. <br />Other tenants include Anytime Fitness, Subway, Verizon Wireless, Caribou Coffee, Fantastic <br />Sam's, and others. This center is located less than one-half mile from the Ramsey Station. The <br />second Ramsey shopping area is located four miles east of the Ramsey Station at Bunker Lake <br />Boulevard and TH-47. This center has over 40 retail tenants including Wendy's, SuperAmerica, <br />Caribou Coffee, Subway, and Rum River Wine and Spirits. <br />Retail lease rates, as shown in Table 5-3, are reflective of Ramsey's distance from major <br />population centers. Retail lease rates range from $12.00 to $18.00 per square foot, below the <br />Twin Cities area average of $18-19 per square foot. <br />Table 5-3 <br />RAM SEY RETAIL RENTAL RATES <br />(Per Square Foot) <br />Retail <br />Northstar Marketplace <br />Rum River Retail <br />Ramsey Commons <br />Net Space <br />Rent Expenses Taxes Available <br />$12.00-14.00 <br />$16.00-18.00 <br />So urce: Loo pnet, No rthmarq, and M cCo mb Gro up, Ltd. <br />$ 2.41 $ 3.19 <br />2,550 <br />8,849 <br />Ramsey Retail Development <br />Over the past 10 years, over 180,000 square feet of retail space was developed in Ramsey. <br />Northstar Marketplace in The COR represented 53.4 percent of all retail space. The only other <br />significant retail development was a 34,700 square foot Slumberland furniture store. <br />Office Market <br />The office market in the Twin Cities area is showing signs of improvement. With <br />unemployment dropping and some indication of positive employment growth, the demand for <br />office space is increasing. Vacancy rates in the Twin Cities area are down from 17.6 percent in <br />2010 to 16.8 at the end of 2011. Rental rates have remained consistent since peaking in 2008 <br />and dropping in 2009 to their current levels. The average asking full -service rent rate for Class <br />A office space is $23.27 per square foot for central business district properties and $23.49 for <br />suburban properties, as shown in Table 5-4. <br />The Twin Cities area absorbed over 400,000 square feet of office space in 2011, which was up <br />from 26,000 in 2010. Despite the positive trends, the only construction activity for office space <br />in the past two years has been for build -to -suit office buildings; no multi -tenant office buildings <br />have been built. Current trends indicate the possibility of some construction activity but likely <br />only in the major established office locations. <br />5-3 <br />