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City of Ramsey 2030 Comprehensive Plan <br />Chapter 12: Economic Development <br />1. Twin Cities Office and Industrial Space Absorption (Multi-Tenant <br />Space) 1991-2006 <br />Figure 12-1 shows that the Twin Cities Metro Area has absorbed nearly 70 <br />1 <br />million square feet of office and industrial space during the past 15 years. This <br />translates to an annual average of about 4.6 million square feet, which is annual <br /> <br />growth rate of 4.7 percent. <br /> <br />Figure 12-1 Occupied Multi-tenant Office and Industrial Space, <br />Twin Cities Metro Area <br />70,000,000 <br />60,000,000 <br />55,800,663 <br />50,000,000 <br />Office Space <br />49,486,979 <br />40,000,000 <br />Office/Warehouse <br />30,000,000 <br />Office/Showroom <br />20,000,000 <br />16,110,832 <br />16,223,220 <br />10,000,000 <br />Bulk Warehouse <br />0 <br />1991199219931994199519961997199819992000200120022003200420052006 <br />Source: Colliers International <br /> <br /> <br />Office-warehouse space, which has been historically indicative of the <br />manufacturing sector, grew by nearly 40 million occupied square feet between <br />1991 and 2006 (10.5% annually), followed by office space, which grew by 16 <br />million occupied square feet (2.2% annually). The overall strong growth in <br />office-warehouse space with its intermittent peaks and valleys is more reflective <br />of a changing office market than growth in the manufacturing sector. As the <br />most accessible sites become cost prohibitive for many businesses with office <br />workers, office-warehouse properties in traditionally industrial locations have <br />become increasingly popular. <br /> <br />Overall, the strong historical expansion in multi-tenant office and industrial space <br />in the Twin Cities suggests that Ramsey can likely absorb a variety of space <br />types, assuming that the economy continues to expand. The mix of building <br />types will depend on the particular parts of the economy that are expanding at the <br /> <br />1 <br /> Multi-tenant industrial space descriptions per Colliers International: office-warehouse - buildings with at <br />least 25,000 square feet, 10%-20% finished office space and 16-20 foot clear ceiling heights; office- <br />showroom - buildings of at least 25,000 square feet, near freeways with good visibility, 30%+ finished <br />office space and 12-16 foot clear ceiling heights; bulk warehouse - buildings of 50,000 square feet or more, <br />constructed after WWI, with no more than 10% finished office space and 20-foot or greater clear ceiling <br />heights. <br /> <br /> <br />City of Ramsey 2030 Comprehensive Plan Page 12-3 <br /> <br /> <br />