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CBF1E
<br />MARKETVIEW MINNEAPOLIS/ST. PAUL RETAIL
<br />Figure 9: Minneapolis/St. Paul Retail Market Statistics
<br />Submarket
<br />Rentable Area
<br />(Sq. Ft.)
<br />Direct
<br />Vacancy
<br />Rate(%)
<br />Average Net Asking
<br />Rate
<br />($/Sq. Ft./Yr)
<br />Q1 Net
<br />Absorption
<br />(Sq. Ft.)
<br />YTD Net
<br />Absorption
<br />(Sq. Ft.)
<br />Construction
<br />(Sq. Ft.)
<br />A.V. - Lakeville
<br />3,499,383
<br />6.7
<br />21.53
<br />(1,822)
<br />6,771
<br />92,000
<br />Brookdale
<br />3,389,561 13.4
<br />15.27
<br />30,829
<br />30,829
<br />317,578
<br />Burnsville
<br />3,361,110 4.2
<br />19.07 (11,085) (11,085) 98,000
<br />Calhoun
<br />1,258,636 12.5
<br />19.96 (3,106) (20,997)
<br />Coon Rapids
<br />4,168,306 3.1
<br />11.86
<br />Eagan
<br />2,205,232 5.8
<br />16.77 (8,332) (8,332) 434,100
<br />Eden Prairie
<br />3,713,103 4.2
<br />13.75 (3,874) (3,874)
<br />Maple Grove
<br />5,331,416 5.4
<br />17.78
<br />7,681 7,681
<br />Maplewood
<br />3,563,352 4.6
<br />17.52
<br />(437) (437)
<br />Minneapolis CBD
<br />1,876,735 12.1
<br />22.39 (13,545) (13,545)
<br />Northtown
<br />3,063,899 17.0
<br />9.66 (15,307) (15,307)
<br />Ridgedale
<br />5,502,483 3.0
<br />17.17 (2,957) (2,957) 131,058
<br />Rosedale
<br />5,316,025 7.8
<br />17.15 (14,100) (14,100)
<br />Southdale
<br />9,316,416 4.4
<br />21.31 15,300 15,300 52,000
<br />St. Paul Highlands
<br />1,413,147 5.6
<br />15.43
<br />54,000
<br />West St. Paul
<br />1,305,502 9.6
<br />15.81
<br />4,609
<br />4,609
<br />Woodbury
<br />4,671,267
<br />13.5
<br />13.81
<br />37,946
<br />37,946
<br />220,000
<br />Total (Metro)
<br />62,955,573 7.1
<br />17.78 63,631
<br />63,631 1,398,736
<br />Source: CBRE Research, 01 2016.
<br />QUARTER -END SUBMARKET ANALYSIS
<br />For the third consecutive quarter, the Woodbury
<br />submarket led the way in positive absorption. With
<br />a recorded 37,946 sq. ft. of positive change, the
<br />change can be attributed primarily to small -to -
<br />midsized tenants occupying community and
<br />strip/in-line centers.
<br />The Eagan submarket led the way in the total
<br />construction category, as CSM continued its
<br />progress on the 434,100-sq.-ft. Central Park
<br />Commons. The project is expected to be completed
<br />late 2016.
<br />WHAT'S HOT: RETAIL TRENDS TO WATCH FOR
<br />IN Q2 2016
<br />Purchasing food from a restaurant is easier than it
<br />ever has been, as third -party food delivery apps
<br />such as Bite Squad and Foodsby are beginning to
<br />grow rapidly across the U.S.
<br />Look for Minneapolis/St. Paul restaurants to
<br />partner with these services to capitalize on the
<br />consumer's willingness to pay a premium for
<br />delivery. If this trend takes off, it could have a major
<br />impact on new restaurants as they choose a
<br />location to plant their roots in a strong market.
<br />Q1 2016 CBRE Research © 2016 CBRE, Inc. I 5
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