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CBRE
<br />MARKETVIEW MINNEAPOLIS/ST. PAUL INDUSTRIAL
<br />Figure 8: Minneapolis/St. Paul Industrial Market Statistics
<br />Submarket
<br />Rentable Area
<br />(Sq. Ft.)
<br />Total
<br />Availability
<br />Rate (%)
<br />Direct
<br />acancy Rate
<br />(%)
<br />Average
<br />Warehouse
<br />Net Asking Rate
<br />(S/Sq. Ft./Yr)
<br />Average Office
<br />Net Asking Rate
<br />(S/Sq. Ft./Yr)
<br />Average Net
<br />Blended
<br />Asking Rate
<br />($/Sq. Ft./Yr)
<br />Q1 Net
<br />Absorption
<br />(Sq. Ft.)
<br />2020 YTD
<br />Net
<br />Absorption
<br />(Sq. Ft.)
<br />Metro Overall 335,487,869 6.0 4.4
<br />4.85 9.63 6.55 567,945 567,945
<br />Southwest
<br />72,001,059 6.7 4.9 4.97 9.77 6.70 58,648 58,648
<br />Northwest
<br />68,594,575 7.7 5.9 4.87 9.62 6.75 126,730 126,730
<br />South Central 53,905,950 6.1 4.0 4.74 9.46 6.25 85,615 85,615
<br />North Central 52,369,498 5.8 4.3 4.92 9.84 6.88 197,786 197,786
<br />Midway 30,870,564 5.6 4.9 4.60 9.31 6.62 118,780 118,780
<br />Minneapolis 26,183,046 3.0 1.9 5.77 11.47 8.62 (56,530) (56,530)
<br />St. Paul
<br />16,011,669 3.7 3.2 3.99 8.18 5.54 25,516 25,516
<br />East
<br />15,551,508 4.5 2.5 4.84 9.83 6.06 11,400 11,400
<br />Source: CBRE Research, Ql 2020.
<br />'Single Tenant & Multi Tenant. Total Vacancy Rate May NotAdd Up Due To Rounding.
<br />Figure 9: Cll 2020 Minneapolis/St. Paul Industrial Construction Statistics
<br />Submarket
<br />Construction
<br />Starts
<br />(Sq. Ft.)
<br />Starts
<br />Preleased
<br />(%)
<br />Under
<br />Construction
<br />(Spec Sq. Ft.)
<br />Under
<br />Construction
<br />(BTS Sq. Ft.)
<br />Under
<br />Construction
<br />Total (Sq. Ft.)
<br />Spec
<br />Completed
<br />(Sq. Ft.)
<br />BTS Completed
<br />(Sq. Ft.)
<br />Construction
<br />Completed Total (Sq.
<br />Ft.)
<br />Metro Overall
<br />949,100 2,183,724 3,132,824 229,186 100,000 329,186
<br />Southwest
<br />471,980 130,000 601,980
<br />Northwest
<br />204,120 778,000 982,120 204,186
<br />204,186
<br />South Central 152,000 166,724 318,724 100,000 100,000
<br />North Central
<br />40,000 440,000 480,000 25,000 25,000
<br />Midway
<br />Minneapolis
<br />St. Paul
<br />East 769,000 769,000
<br />Source: CBRE Research, Q1 2020.
<br />Q1 2020 CBRE Research © 2020 CBRE, Inc. I 4
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