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CBRE MARKETVI EW
<br />MINNEAPOLIS/ST. PAUL RETAIL
<br />Figure 7: Minneapolis/St. Paul Multi -Tenant Retail Market Statistics
<br />Market Direct Vacancy Average Net 2020 Net 2021 YTD Net
<br />Submarket Rentable Area Rate Asking Rate Absorption Absorption
<br />(Sq. Ft.) (%) ($/Sq. Ft./Yr) (Sq. Ft.) (Sq. Ft.)
<br />Active Construction
<br />(Sq. Ft.)
<br />Apple Valley -Lakeville 6,856,932
<br />6.0
<br />15.82
<br />(98,396)
<br />23,231
<br />28,000
<br />B/E/R 7,134,780 8.5
<br />26.84 230,094 22,401
<br />East
<br />4,745,029 6.8 20.49 (87,348)
<br />Golden Valley 4,569,318 9.6 21.38 (10,350) (917)
<br />Minneapolis 2,872,974 11.1 26.26 (22,585) 3,000
<br />North 5,131,708 7.7 11.50 (151,112) 22,500
<br />North Central 7,698,508 13.0 17.56 (16,254) (29,580)
<br />Northeast 3,390,421 11.3 15.24 (20,613) 123,733
<br />Northwest 6,767,996 5.9 20.01 (162,110) (6,600)
<br />South 5,084,003 7.7 14.82 (123,413) 42,339
<br />Southwest 3,091,760 3.1 19.36 264,577 (23,129)
<br />St. Paul 3,075,324 18.2 16.07 11,399 38,901
<br />West 5,455,068 4.2 20.80 (37,008) (1,608)
<br />Totals 65,873,839 8.5 19.06 (341,440) 213,771 28,000
<br />Source: CBRE Research, HI 2021.
<br />H1 2021 CBRE Research © 2021 CBRE, Inc. 4
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