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CBRE <br /> FIGURES I MINNEAPOLIS INDUSTRIAL 1 03 2022 <br /> 9M sq. t. o new construction underway <br /> with 2Mdelivered in the third <br /> 3% 2.6M 9M $7.26 PS <br /> Vacancy Rate SF Net Absorption SF Under Construction Average Asking Rate(NNN) <br /> Note:Arrows indicate change from previous quarter. <br /> FIGURE 1:Quarterly and Annual Net Absorption vs.Vacancy <br /> MARKET OVERVIEW Net Absorption Vacancy <br /> — In 03,the Minneapolis industrial market absorbed 2.6 million sq.ft.,bringing the 2022 (MSF) <br /> year-to-date total up to 6.2 million sq.ft. 7 7% <br /> — Vacancy rates were 3%,a decrease of 120 basis points year-over-year. 6 6% <br /> — The construction pipeline remained strong,with 8.9 million sq.ft.under construction and 5 <br /> 5% <br /> 8 buildings delivered this quarter adding 2 million sq.ft. <br /> 4 <br /> — Speculative deliveries this quarter include the 610 Broadway Business Center in 4% <br /> Brooklyn Park,Arbor Lakes Business Park III in Maple Grove, Chaska Creek 1,and the 3 <br /> Nordeast Business Center in Minneapolis. 2 3% <br /> — Strong 03 2022 leasing activity was led by the Northwest and Southwest submarkets. 1 2% <br /> Overall,03 leasing activity totaled just over 3 million sq.ft <br /> Q � 1% <br /> — New leases and expansions accounted for 67%of all market activity in 03,. In the <br /> Northwest submarket,81%of 03 activity was with new leases. 1 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 0/ <br /> I Q1 Q2 Q3 Q4 Vacancy Rate <br /> Source:CBRE Research,03 2022. <br /> 1 CBRE RESEARCH ©2022 CBRE,INC. <br />