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Regional Data — continued <br />COMMERCIAL REAL ESTATE - Vacancy Rates for Major Building Types <br />MULTIFAMILY TWIN CITIES METRO RENT i VACANCY <br />51,200' <br />51,000 <br />S8001 <br />5600 <br />5400 <br />5200 <br />Sn <br />• AVERAGE MONTHLY RENT <br />2008 2009 2010 2011 ... <br />1 <br />• VACANCY <br />ex <br />1 <br />201- 2015 2016 2017 1H 18 <br />7% <br />6% <br />5% <br />4% <br />3% <br />2% <br />1% <br />Apartment vacancy declined significantly from 2009 to 2014 and remained relatively stable in 2015 and <br />beyond. New construction is taking place in good quality and built-up markets. Despite the increased <br />number of units, vacancy has remained at/near historic lows and rental rates are increasing. <br />RETAIL AR5ORFt10N, C STRUCTOON 1 VACANCY <br />• ABSORPTION • CONSTRUCTION <br />3,5M <br />3M <br />2.5M <br />2M <br />�1.5M <br />4 <br />OM] <br />.SM <br />OM�- <br />1.0.20) <br />r.5M) <br />o` ` <br />2008 2n^c, � it <br />0.69 <br />0_90 <br />Y 9-3' <br />000 <br />n1 x -".1 -'015 2016 2017 1H 18 <br />-VACANCY <br />14% <br />12% <br />8% <br />6% <br />4% <br />2% <br />0% <br />(2' ) <br />The retail market has recovered and is now showing signs of growth. Vacancy has trended upward from <br />2016, but has remained steady in 2017 and 2018. <br />Nagel) Appraisal Incorporated 1952.544.8966 <br />