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Next, we present the 3rd Quarter 2016 Research & Forecast Report by Colliers International for <br /> the Twin Cities Retail Market. <br /> Research & <br /> Forecast Report jib do Coffiers <br /> INTERNATIONAL <br /> MINNEAPOLIS-ST. PAUL I RETAIL <br /> Q3 201$ accelerating success <br /> National tenants and grocer pete for <br /> spacer push up rental rate hile veral <br /> struggling retailers clos t s <br /> There was an increase in the Minneapotis-St.Paul retail vacs <br /> rate during the third quarter of 2016.Vacancy increased to 5.1 et In ors <br /> percent from 4.6 percent at Quarter Two,with negative quarter t°p riod 03 2016 <br /> absorption of 110,428 square feet.Strang absorption in the <br /> grocery sector couldnit offset store closings du tcies VACANCY <br /> at Sports Authority and Hancock Fabrics,w osed n and NETABSORPTION <br /> three stares,respectively.In addition,str g grocer bow <br /> Foods closed another store in Maple Gr olfsmit RENTAL RATE ■ <br /> also recently filed for bankruptcy,is closing i a s <br /> although there has been no anno nt re the status <br /> of its Richfield and Roseville , <br /> -to-date Net Absorption <br /> absorption remains posit' 55,435 sq feet. <br /> 1,oa°,o°o <br /> M- 1.1� <br /> Outside of these store c the area cant! s to be a magnet s°oPGo <br /> for new retailers ready to b the spaces I ehind,especially <br /> in prime trade areas.While th cy rat a total market ° <br /> is 5.1 percent,vacancy in the pri e s we track is 3.5 h roo,00w <br /> percent overall and is as low as 0.2 t in the Ridgedale and npoo,°oo') <br /> Plymouth areas. mor 2004 zoos xolo 2711 zotz zou zms xms 2014 <br /> °3 <br /> Grocers Contend for Market Share 1R° <br /> The Minneapolis-St.Paul grocery market is fast-growing and <br /> competitive,serving as the corporate home of Target,Supervalu Vacancy <br /> and Lunds and Bylerys,the area has seen the entrance of new <br /> grocers in the last few years,including Hy-Vee and Fresh Thyme 1046 <br /> Farmer's Market.Hy-Vee opened two stores,one in Brooklyn Parka% 6'96 79b 4'°96 4a% <br /> and anther in Eagan at Central Park Commons,adding to existing 4% 3•R6 s % <br /> stores in New Hope,Oakdale,and Lakeville.Hy-Vee also has stores <br /> under construction in Cottage Grove and Savage,and has two <br /> zea <br /> stores planned for Maple Grove,with additional stares planned in <br /> the cities of Columbia Heights,Farmington,and Shakopee.The ° <br /> 2007 zo°s zoo° x°ro 2011 zmz 2013 zols xms 2m4 <br /> retailer is also planning two large gas station/convenience stores 93 <br /> in Eden Prairie and Lakeville.These c-stares will be 7,900 square <br /> feet,approximately twice the size of the stores it locates near its <br /> grocery stores,and will include a coffee partner. <br /> 0 D 0SU&4LRIBETO Oua BLOC <br /> '460 <br /> 431 Page <br />