Laserfiche WebLink
FIGURES I MINNEAPOLIS INDUSTRIAL 1032021 <br />Leasing <br />Strong Q3 2021 leasing and user sale activity was led by the Northwest submarket. Overall Q3 <br />activity was up 25% over Q2, topping 5 million sq. ft. <br />— New leases and expansions accounted for 71% of all market activity in Q3, with renewals at <br />22% and Use Sales at 7%. <br />— The Northwest submarket led the Minneapolis Industrial market with 45% of all Q3 activity, <br />with more than 2.2 million sq. ft. transacted. The South Central (18%), East (13%), Southwest <br />(11%) and North Central (10%) shared the remaining activity. <br />— Retail, driven by E-commerce, accounted for nearly one third of all Q3 activity, with <br />Manufacturing following closely behind at 29%. Each saw numerous new leases and <br />expansions across the market. <br />Life Sciences, Business Services, Wholesale and Transportation/Distribution represented a <br />balanced share of the additional industrial demand in the Minneapolis market. <br />FIGURE 4: Top Transactions <br />Confidential E- <br />commerce <br />Confidential E- <br />commerce <br />517,000 <br />297,094 <br />Room & Board 221,000 <br />xxxx Hudson Rd. <br />10650 89th Av N <br />6601 Queens Av <br />Bunzl Distribution 155,313 10100 89th Av N <br />East <br />Northwest <br />Northwest <br />Northwest <br />New Lease Retail <br />New Lease Retail <br />Expansion Manufacturing <br />Renewal Wholesale <br />Omnetics 123,729 8840 Evergreen Blvd North Central New Lease <br />Source: CBRE Research, 03 2021. <br />3 CBRE RESEARCH <br />Manufacturing <br />FIGURE 5: Top Transaction Type by Submarket and Sq. Ft. <br />Sq. Ft., 000's <br />2,500 <br />2,000 <br />1,500 — <br />1,000 <br />500 — <br />0 <br />Northwest South Central East <br />New Lease <br />Source: CBRE Research, 03 2021. <br />FIGURE 6: Top Transactions by Sq. Ft. by Submarket <br />II Northwest <br />Southwest <br />• Minneapolis <br />• South Central <br />• North Central <br />Source: CBRE Research, 03 2021. <br />Southwest North Central Midway <br />• East <br />• Midway <br />• Renewal <br />Minneapolis St. Paul <br />• User Sale <br />FIGURE 7: Top Transactions by Industry Type <br />• Retail <br />• Business Services <br />• Wholesale <br />• Life Sciences <br />• Creative Industries <br />Source: CBRE Research, 03 2021. <br />• Manufacturing <br />Transportation/Distribution <br />• Other <br />• Warehousing/Storage <br />© 2021 CBRE, INC. <br />