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CBRE
<br />Figure 7: Minneapolis/St. Paul Multi -Tenant Office Market Statistics
<br />Submarket
<br />Rentable
<br />Area
<br />(Sq. Ft.)
<br />Dired Vacancy Y -o -Y Vacancy
<br />Rate (%) Trend
<br />Average Net
<br />Asking Rate Y -o -Y Asking
<br />Rate Trend
<br />($/Sq. Ft./Yr)
<br />Q2 Net
<br />Absorption
<br />(Sq. Ft.)
<br />Y -o -Y Net
<br />Absorption
<br />Trend
<br />YTD Net
<br />Absorption
<br />(Sq. Ft.)
<br />Multi -Tenant
<br />Construdion
<br />(Sq. Ft.)
<br />Metro Overall 69,141,243
<br />15.3
<br />1
<br />S13.43
<br />369,148
<br />528,411
<br />180,000
<br />Class A
<br />34,094,089 12.6
<br />515.65
<br />t
<br />355,254
<br />t
<br />345,747 180,000
<br />Class B
<br />24,465,128 18.6
<br />511.70
<br />t
<br />- 10,921 1 125,012
<br />Class C
<br />7,252,829 16.5 -, S10.27
<br />t
<br />24,815
<br />57,652
<br />394 Corridor 8,570,749 11.8
<br />515.19
<br />t
<br />35,698
<br />35,890
<br />Class A
<br />3,983,280 7.9
<br />518.48
<br />t
<br />99,113
<br />67,607
<br />Class B 3,508,477 17.1
<br />t
<br />S13.53
<br />t
<br />- 58,234
<br />t
<br />- 51,045
<br />Class C
<br />1,078,992 9.4
<br />510.16
<br />t
<br />- 5,181
<br />19,328
<br />494 Corridor 17,244,153 16.5
<br />t 513.37 1 102,659
<br />t
<br />186,864 180,000
<br />Class A 8,448,397 13.8
<br />515.84 -, 72,734
<br />t
<br />88,890 180,000
<br />Class B 7,095,170 18.9
<br />512.12
<br />t
<br />59,585
<br />t
<br />67,329
<br />Class C
<br />1,700,586 20.3 -, S9.38
<br />t
<br />8,464
<br />t
<br />30,645
<br />BEA 2,227,767 19.0
<br />511.74
<br />t
<br />18,305
<br />t
<br />53,298
<br />ClassA 1,092,162 10.8
<br />513.44 -+ 22,065
<br />45,096
<br />Class B
<br />832,987 24.6
<br />511.94 -+ -6,452
<br />t
<br />- 17,858
<br />Class C
<br />302,618 32.7
<br />59.25
<br />t
<br />2,692
<br />t
<br />26,060
<br />Midway 4,316,967 12.6
<br />t
<br />511.94
<br />t
<br />- 9,806
<br />t
<br />25,228
<br />ClassA 1,051,485 13.4
<br />513.38
<br />t
<br />8,508
<br />t
<br />36,726
<br />Class B 2,452,901 12.9
<br />t
<br />510.01
<br />t
<br />- 18,314
<br />16,200
<br />Class C
<br />812,581 10.5
<br />t
<br />56.00
<br />1
<br />0
<br />t
<br />- 27,698
<br />Northwest 1,310,796 22.9
<br />511.26
<br />t
<br />35,974
<br />t
<br />64,262
<br />Class A
<br />127,000 44.5
<br />513.23
<br />t
<br />0
<br />t
<br />7,495
<br />Class B
<br />846,937 22.5
<br />510.63
<br />t
<br />38,834
<br />t
<br />62,152
<br />Class C
<br />336,859 15.6
<br />510.21
<br />1
<br />- 2,860
<br />t
<br />- 5,385
<br />Suburban St.
<br />Paul
<br />3,454,010 21.9
<br />t
<br />510.34
<br />1
<br />25,517
<br />t
<br />56,306
<br />ClassA 1,191,572 14.0
<br />512.16
<br />t
<br />13,479
<br />t
<br />41,860
<br />Class B 1,505,027 23.1
<br />510.03
<br />1
<br />9,583
<br />t
<br />11,991
<br />Class C
<br />757,411 32.1 -, 58.94
<br />1
<br />2,455
<br />2,455
<br />Minneapolis
<br />CBD
<br />21,864,614 14.1
<br />514.73
<br />t
<br />40,187
<br />- 10,714
<br />Class A 15,634,401 13.1
<br />t 516.20 -, 25,008
<br />- 32,660
<br />Class B 4,470,924 17.3
<br />511.65
<br />1
<br />2,196
<br />10,219
<br />Class C 1,759,289 15.8
<br />t
<br />511.15
<br />t
<br />12,983
<br />t
<br />11,727
<br />North Loop 3,329,197 8.1 N/A 514.45 N/A 64,221 N/A 75,478
<br />Class A 1,118,914 7.8 N/A 514.49 N/A 61,414 N/A 68,364
<br />Class B
<br />1,082,414 5.9 N/A 514.62 N/A 4,643 N/A 5,450
<br />Class C
<br />1,127,869 10.5 N/A 514.36 N/A -1,836 N/A 1,664
<br />St. Paul CBD 6,822,990 19.4
<br />511.17
<br />1
<br />19.4
<br />t
<br />41,799
<br />Class A 2,565,792 13.8
<br />513.15
<br />t
<br />13.8
<br />t
<br />22,369
<br />Class B 3,752,705 24.2
<br />510.22
<br />1
<br />24.2
<br />20,574
<br />Class C
<br />504,493 12.6
<br />t
<br />58.00
<br />1
<br />12.6
<br />- 1,144
<br />Note: The tracked base includes all multi -tenant office buildings larger than 30,000 sq. ft. and does not include any single -tenant buildings
<br />Source: CBRE Research, Q2 2015.
<br />Q2 2015 CBRE Research © 2015 CBRE, Inc. 5
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