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Ramsey Office Space <br />Ramsey's office space increased by 179,000 square feet over the last 10 years. Two buildings-- <br />NAU Country Insurance and Ramsey Professional Center --totaled about 93,000 square feet, <br />representing 52.0 percent of the total. In addition, three medical buildings totaling 64,000 square <br />feet were constructed in The COR. <br />Planned Development <br />Four new developments are planned for The COR. McDonalds (4,600 square feet) and <br />SuperAmerica (4,300 square feet) have been approved for locations on Armstrong Boulevard. A <br />proposed restaurant with liquor is also planned for an Armstrong Boulevard location. These <br />three stores reinforce the Northstar Marketplace area as a growing retail area. Also under <br />consideration is Northgate Church/Performing Arts Center with a 500-seat auditorium. <br />Industrial Market <br />The Twin Cities area has 333.8 million square feet of industrial space. The Northstar Corridor is <br />within the Northwest submarket, which is the largest industrial submarket in the Twin Cities area <br />with 96.2 million square feet of space. The industrial space in the Northwest submarket is driven <br />by the high concentration of manufacturing employment in the corridor, specifically in Anoka <br />County. <br />The area wide vacancy rate for industrial space was 6.6 percent in the 3rd Quarter of 2011, as <br />shown in Table 5-6. The average rental rate for warehouse and distribution space was $5.16 per <br />square foot, and $6.32 per square foot for research and development and flex space. The <br />vacancy rate in the Northwest submarket was 6.9 percent, which was slightly higher than the <br />Twin Cities area average. Rental rates in the Northwest submarket were slightly higher for <br />warehouse and distribution space, but lower for research and development and flex space than <br />the Twin Cities area average. The industrial space market in the Twin Cities area has remained <br />consistent over the past few years with only small drops in absorption, consistent rental and <br />vacancy rates, and little to no new construction. Only significant growth in manufacturing or <br />distribution employment will drive up demand for industrial space in the near future. <br />Table 5-6 <br />TWIN CITIES AREA INDUSTRIAL MARKET; 3RD QUARTER 2011 <br />Subrnarket <br />Minneapolis <br />Northeast <br />Northwest <br />Southeast <br />Southwest <br />St. Paul Midway <br />Total Twin Cities Arae <br />Source: Grubb & Ellis. <br />Total Vacant Vacancy Rent Rate <br />Sq. Ft. Sq. Ft. Rate WH/Dist. R&D/Flex <br />43,968,445 <br />31,171,300 <br />96,166,932 <br />47,480,858 <br />73,088,539 <br />41,943,603 <br />333, 819,677 <br />1,754,797 4.0 % $ 3.57 $ 5.66 <br />1,834,493 5.9 5.57 6.57 <br />6,650,020 6.9 5.48 6.02 <br />3,689,464 7.8 4.94 6.36 <br />5,993,878 8.2 5.16 6.57 <br />2,265,052 5.4 5.31 5.72 <br />22,187,704 6.6 % $ 5.16 $ 6.32 <br />5-5 <br />