|
CBRE
<br />MARKETVI EW MINNEAPOLIS/ST. PAUL OFFICE
<br />Figure 8: Minneapolis/St. Paul Multi -Tenant Office Market Statistics
<br />Submarket
<br />Rentable Area
<br />(Sq. Ft.)
<br />Direct Vacancy
<br />Rate (%)
<br />Y-o-Y Vacancy
<br />Trend
<br />Average Net
<br />Asking Rate
<br />(S/Sq. Ft./Yr)
<br />Y-o-Y Asking
<br />Rate Trend
<br />Q1 Net
<br />Absorption
<br />(Sq. Ft.)
<br />Y-o-Y Net
<br />Absorption
<br />Trend
<br />YTD Net
<br />Absorption (Sq.
<br />Ft.)
<br />Multi -Tenant
<br />Construction (Sq.
<br />Ft.)
<br />Metro Overall 69,242,529
<br />ClassA 35,041,341
<br />Class B 25,448,551
<br />Class C 8,752,637
<br />15.9 S14.27
<br />13.2 S16.99
<br />19.2 , S12.10
<br />17.4 t S10.88
<br />191,038
<br />175,975
<br />(42,963)
<br />58,026
<br />191,038
<br />175,975
<br />(42,963)
<br />58,026
<br />234,000
<br />234,000
<br />394 Corridor 8,637,414 13.4 t S16.30 t (43,409) , (43,409)
<br />ClassA 3,769,780 10.7 t S19.58 t (81,037) 1 (81,037)
<br />Class B 3,738,623 17.1 t S13.93 t 34,978 t 34,978
<br />ClassC 1,129,011 10.1 t S10.64 t 2,650 1 2,650
<br />494 Corridor 17,414,153 18.7
<br />ClassA 8,458,337 14.4
<br />Class B 7,074,865 23.0
<br />Class C 1,880,951 22.2
<br />t
<br />t
<br />■
<br />S14.40
<br />S17.73
<br />S12.33
<br />S10.87
<br />t
<br />t
<br />t
<br />5,049
<br />94,418
<br />(93,951)
<br />4,582
<br />t
<br />5,049
<br />94.418
<br />(93,951)
<br />4,582
<br />BEA 2,355,698 15.7 1 S11.99
<br />ClassA 1,092,162 8.4 1 S13.73
<br />Class B 960,918 19.6 1 S12.28
<br />ClassC 302,618 29.3 1 S9.13
<br />36,650
<br />4,813
<br />29,049
<br />2,788
<br />t
<br />t
<br />36,650
<br />4,813
<br />29,049
<br />2,788
<br />Midway 4,430,462 15.1
<br />ClassA 964,812 30.6
<br />Class B 2,545,069 10.3
<br />Class C 920,581 12.0
<br />S12.63
<br />S13.55
<br />S11.29
<br />S8.00
<br />t
<br />t
<br />t
<br />93,389
<br />37,570
<br />48,237
<br />7,582
<br />t
<br />t
<br />93,389
<br />37,570
<br />48,237
<br />7,582
<br />Northwest 1,310,796 21.7 1 S11.22 t 7,301 1 7,301
<br />ClassA 127,000 38.0 1 S12.46 t 2,610 1 2,610
<br />Class B 846,937 18.2 1 S11.54 t 27,414 t 27,414
<br />Class C 336,859 24.2 t S9.25 t (22,723) 1 (22,723)
<br />Suburban St. 3,461,310 20.3
<br />Paul 1 S10.19 1 (29,892) 1 (29,892)
<br />ClassA 1,310,143 9.6 1 S12.43 t (2,074) 1 (2,074)
<br />Class B 1,377,096 23.2 S10.00 1 (30,566) 1 (30,566)
<br />ClassC 774,071 33.0 S8.90 2,748 t 2,748
<br />Minneapolis 21,873,909 15.0 1 S15.58
<br />CBD
<br />ClassA 15,634,401 13.1 - S17.60
<br />Class B 4,470,924 20.6 1 S12.52
<br />Class C 1,768,584 17.8 t S11.41
<br />t
<br />t
<br />t
<br />t
<br />(5,905)
<br />42,258
<br />(57,785)
<br />9,622
<br />t
<br />t
<br />t
<br />(5,905)
<br />42,258
<br />(57,785)
<br />9,622
<br />North Loop 3,68,797 6.3 1 S15.08 t 55,325 t 55,325 234,000
<br />ClassA 1,118,914 7.5 1 S15.72 t 20,001 t 20,001 234,000
<br />ClassB 1,082,414 4.2 1 S14.74 t (14,961) 1 (14,961)
<br />ClassC 1,167,469 7.1 1 514.80 t 50,285 t 50,285 -
<br />St. Paul CBD 6,389,990 17.0
<br />ClassA 2,565,792 11.5
<br />Class B 3,351,705 22.0
<br />Class C 472,493 11.7
<br />1 S10.03 1 72,530
<br />1 S10.78 1 57,416
<br />1 S7.72 1 14,622
<br />S7.69 1 492
<br />t
<br />t
<br />t
<br />72,530
<br />57,416
<br />14,622
<br />492
<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. This quarter, CBRE
<br />Minneapolis building records were modified, added or removed to more accurately reflect true market realities.
<br />Source: CBRE Research, 01 2016.
<br />Q1 2016 CBRE Research © 2016 CBRE, Inc. I 5
<br />
|