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CBRE
<br />MARKETVIEW MINNEAPOLIS/ST. PAUL INDUSTRIAL
<br />Figure 5: Minneapolis/St. Paul Industrial Market Statistics
<br />Submarket
<br />Rentable Area
<br />(Sq. Ft.)
<br />Total
<br />Vacancy
<br />Rate (%)
<br />Y-o-Y
<br />Vacancy
<br />Trend
<br />Average Net
<br />Asking Rate
<br />(S/Sq. Ft./Yr)
<br />Q4 Net
<br />Absorption
<br />(Sq. Ft.)
<br />Y-o-Y Net
<br />Absorption
<br />Trend
<br />YTD Net
<br />Absorption
<br />(Sq. Ft.)
<br />Under Construction
<br />(Sq. Ft.)
<br />Spec BTS
<br />Metro Overall
<br />Bulk Warehouse
<br />Office Warehouse
<br />Office Showroom
<br />333,156,356 4.7
<br />70,624,965 5.5
<br />144,312,347 4.5
<br />36,776,391 8.5
<br />5.85 j 458,276 415,200 952,816
<br />4.62 (233,852) t (233,852) 142,000 402,000
<br />5.64 378,025 t 378,025 273,200 467,816
<br />7.64** (24,045) j (24,045)
<br />Northwest 67,708,868 8.1 t j (261,041) 142,000 96,000
<br />Bulk Warehouse 17,884,165 12.4 t 4.71 (200,823) l (200,823) 142,000
<br />Office Warehouse 31,685,714 5.6 j 5.13 304,057 t 304,057 - 96,000
<br />Office Showroom 7,880,331 11.4 l 7.53** (29,696) l (29,696) -
<br />Southwest 72,028,053 4.4 l 731,109 t 731,109
<br />Bulk Warehouse 14,848,374 4.4 l 5.97 (73,045) l (73,045)
<br />Office Warehouse 31,994,142 4.1 j 5.15 68,405 j 68,405
<br />Office Showroom 12,814,707 8.2 l 8.17** 14,740 t 14,740
<br />South Central 3 , j 5.62 57.484 t 57,484 140,000 206,000
<br />Bulk Warehouse 12,113,801 1.2 l 4.87 111,489 t 111,489
<br />Office Warehouse 24,210,105 3.5 j 4.92 (24,600) t (24,600) 140,000 206,000
<br />Office Showroom 7,148,740 7.6 l 7.63** (7,404) l (7,404) - -
<br />St. Paul j
<br />Bulk Warehouse 2,850,253 2.7 l 3.75
<br />Office Warehouse 6,067,398 3.0 j 8.25
<br />Office Showroom 1,303,721 6.6 -, 8.12**
<br />t
<br />t
<br />Minneapolis 27,845,438 2.7
<br />Bulk Warehouse 2,221,360 6.0
<br />Office Warehouse 11,021,281 3.8
<br />Office Showroom 182,266 5.5
<br />t
<br />t
<br />68,000 t
<br />3.87
<br />7.80 68,000 t 68,000
<br />- -,
<br />North Central 49,885,447 4.1 l 5.98 20,000 l 20,000 133,200 650,816
<br />Bulk Warehouse 10,889,171 1.0 j 3.87 135,000 t 135,000 - 402,000
<br />Office Warehouse 23,671,693 5.5 j 4.90 (154,458) j (154,458) 133,200 248,816
<br />Office Showroom 5,210,370 7.6 l 7.76** (1,685) l (1,685) -
<br />East 15,030,875 1.9 j 5.56 125,000 t 125,000
<br />Bulk Warehouse 2,470,518 0.2 j 4.50 - - -
<br />Office Warehouse 5,614,857 2.0 l 4.71 - -, -
<br />Office Showroom 1,500,977 5.9 j 8.51 ** - -, -
<br />Midway l 6.15 (269..8521, l (269,852) Bulk Warehouse 7,347,323 7.1 t 4.59 (206,473) j (206,473) -
<br />Office Warehouse 10,077,157 5.8 l 4.25 116,621 t 116,621 -
<br />Office Showroom 735,279 5.7 j 7.25**-
<br />Source: CBRE Research, 01 2017.
<br />*Single Tenant B Multi Tenant. "Represents a blended rate o150% Mice and 50% warehouse. Total Vacancy Rate May Not Add Up Due To Rounding.
<br />Q1 2017 CBRE Research 02017 CBRE, Inc. I 4
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