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City of Ramsey 2030 Comprehensive Plan
<br />Appendix A: Community Background
<br />Economic Snapshot of the Twin Cities
<br />Introduction
<br />This portion of the market research analysis presents a brief overview of key indicators about the
<br />economy of the Twin Cities. With numerous sites that have strategic access to Highway 10 and the
<br />planned Northstar Commuter Train, the profile of Ramsey will increase among the commercial/industrial
<br />development community, though the timing and scope of development hinges on the regional economic
<br />picture at the time individual sites are built -out.
<br />Office and Industrial Space Absorption (Multi -Tenant Space) 1991-2005
<br />Figure 3-21 shows that the Twin Cities Metro Area has absorbed just over 56 million square feet of office
<br />and industrial space' during the past 14 years, an annual average of nearly 4 8 million square feet, or an
<br />annual growth rate of 5.2 percent.
<br />Figure 3-21 - Occupied Office and Industrial Space (Twin Cities)
<br />Square Footage
<br />70,000,000
<br />60,000,000 -
<br />50,000,000 -
<br />40,000,000 -
<br />30,000,000 -
<br />20,000,000 -
<br />10,000,000 -
<br />0
<br />Occupied Office and Industrial Space in the Twin Cities
<br />1991-2005
<br />Absorption' 91=05
<br />Total Annual
<br />OfficeNVare 39,407,275 2,814,805
<br />Office 15,895,353 1,135,382
<br />Bulk 7,795,656 556,833
<br />Office/Show 4.051.184 289.370
<br />67,149,468 4,796,391
<br />Office qoace
<br />&.lk Warehouse
<br />Office/Warehouse
<br />Office/91 room
<br />56,073,802
<br />49,678,361
<br />15,637,141
<br />13,760,787
<br />1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005
<br />11 Multi -tenant industrial space descriptions per Colliers Towle Real Estate: office -warehouse - buildings with at least 25,000
<br />square feet, 10%-20% finished office space and 16-20 foot clear ceiling heights; office -showroom - buildings of at least 25,000
<br />square feet, near freeways with good visibility, 30%+ finished office space and 12-16 foot clear ceiling heights; bulk warehouse -
<br />buildings of 50,000 square feet or more, constructed after WWI, with no more than 10% finished office space and 20 -foot or
<br />greater clear ceiling heights.
<br />City of Ramsey 2030 Comprehensive Plan
<br />Appendix A-28
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