Agenda - Parks and Recreation Commission - 04/10/2014

Home

City of Ramsey 2030 Comprehensive Plan Chapter 12: Economic Development time individual sites are being developed (e.g. if growth in the healthcare sector is strong, medical office demand will be strong). 2. Twin Cities Employment Growth by Sector 2004-2014 Figure 12-2 presents predictions from the Minnesota Department of Employment and Economic Development (DEED) about the growth of the Twin Cities economy by industrial sector. The chart shows very strong expansion in several service sectors. In particular, 63 percent of all new jobs over 10 years will be education/health services, professional/business services, or hospitality. Other important growth sectors include retail trade (8% of new jobs), finance/insurance/real estate (6%), and government (7%). These projections indicate that commercial development in the Twin Cities region in the coming decades will likely focus on several service sectors because they will be the major drivers of employment growth. 3. Anoka County Office and Industrial Space Absorption (Multi -Tenant Space) 1998-2006 Figure 12-2 — Projected Employment Growth by Sector, 7 -County Twin Cities Region, 2004-2014 Absorption of commercial and industrial space has been slow over the last seven years in Anoka County. Figure 12-3 shows that the amount of space absorbed has been relatively flat for each property type with the exception of office/ warehouse space, which has seen a nearly 60 percent increase in the amount of occupied space. Compared to the remainder of the metro area, however, the amount of office space in Anoka County is minimal. Another important point that the chart displays is how much office/warehouse space dominates the market in Anoka County. Even if one were to add together office, office/showroom, and bulk warehouse space, it would not add up to office/warehouse space. City of Ramsey 2030 Comprehensive Plan Page 12-4