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CBRE MARKETVI EW I III I I HI 1111 I <br />TOP TRANSACTIONS <br />The Minneapolis CBD topped all submarkets for <br />Q4 2020 leasing activity, with Fredrickson & <br />Byron committing to 178,000 sq. ft. at RBC Plaza. <br />The Minneapolis CBD accounted for 58%% of all <br />Q4 leasing, followed by the 494 Corridor at 18%%. <br />AVI Systems represented the largest suburban <br />lease with a 46,648 sq. ft. renewal in the 494 <br />Corridor. <br />Renewals accounted for 54%, of all Q4 leasing <br />activity, an indication that many companies are <br />not ready to commit to new space, and there <br />were no major cross-submarket moves <br />announced in the quarter. <br />The leading industry for office leasing was Legal <br />at 26%, followed by Technology at 22% and <br />Business Services at 15%. <br />INVESTMENT SALES <br />Office investment activity continued to be <br />minimal in Q4 2020, as many offices remained <br />closed or at limited capacity and buyers <br />remained selective. Sales activity was just 58%% of <br />the 10-year average, and a limited uptick in office <br />sales could occur in 2021. <br />13 11l( /, 311133 1 11 1(111H 113ui ^I1m 111 li 13111311( <br />000s sq. ft. <br />2,5(1(1 <br />2,000 <br />1,500 <br />1,000 <br />500 <br />1i,113, 33I 1 nll'•n 1311l' 33'`3 II 33 `'I3I13311 i'I <br />i <br />Source: CBRE Research, Q4 2020. <br />I 33lll3„ ( 1U1'1 11'i33.„,(13.11UI'1',,,',V II'3131',,,33 1V3„ <br />1110 <br />sou , <br />14°0 <br />I I I <br />• I orinl <br />uuu forhril) <br />Business ()orviros <br />Munufurl urinrg/l rrl <br />If• fInunro 1murunro <br />Gavernrnonl <br />l OIhLI <br />2011 2012 2013 201'r 2015 2016 201/ 201; 2019 2020 <br />Source: CBRE Research, Real Capital Analytics, Q4 2020. <br />Oion <br />(I, (I, m:VIVA!',I1113IIIVI I1113 <br />1 1'313 , 1I <br />