Laserfiche WebLink
FIGURES I MINNEAPOLIS OFFICE I Q3 2021 <br />Leasing <br />Leasing activity was up 38% from Q2.The quarter's volume of 827,443 sq. ft. represented an 11% <br />increase over Q3 2020, indicating an acceleration of the gently positive trend in year -over -year <br />growth seen in Q2 2021 following seven quarters of year -over -year decreases. <br />— New leases and expansions accounted for 61% of all market activity in Q3, with renewals at <br />22% and Use Sales at 17%. <br />— The 494 submarket led the Minneapolis Office market with 39% of all Q3 activity, with <br />350,027 sq. ft. transacted. The Minneapolis CBD followed with 163,558 sq. ft., representing <br />20% of remaining activity, with the 394 corridor's 119,311 sq. ft. of activity making it the third <br />most active submarket for Q3 leasing. <br />— Tenants in Business Services industries made up a quarter of Q3 leasing activity, closely <br />followed by Technology users at 21% and Finance -Insurance users at 19%. <br />— The remainder of the quarter's leasing activity was generated by users in Manufacturing, <br />Transportation, Healthcare, Education, and the Creative Industries, among others. <br />FIGURE 4: Year over Year Change in Quarterly Volume <br />30% <br />20% <br />10% <br />0% <br />- 10% <br />- 20% <br />- 30% <br />- 40% <br />- 50% <br />- 60% <br />- 70% <br />-39% <br />6% <br />-'1390 <br />Q1 2019 02 2019 03 2019 Q4 2019 Q1 2020 Q2 2020 Q3 2020 Q4 2020 Q1 2021 02 2021 03 2021 <br />Source: CBRE Research, 03 2021. <br />3 CBRE RESEARCH <br />FIGURE 5: Top Transactions by Submarket and Sq. Ft. <br />Source: CBRE Research, 03 2021. <br />FIGURE 6: Top Transactions by Industry and Sq. Ft. <br />4% 4% <br />Source: CBRE Research, 03 2021. <br />■ 494 <br />• Minneapolis CBD <br />■ 394 <br />Northwest <br />• BEA <br />• Northeast <br />• North Loop <br />■ St. Paul CBD <br />• Business Services <br />• Technology <br />• Finance -Insurance <br />Manufacturing/Transportation <br />• Health Care/Education <br />• Creative Industries <br />■ Other <br />© 2021 CBRE, INC. <br />