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FIGURES I MINNEAPOLIS OFFICE 1032024 <br />Subleasing <br />For the first quarter since 2019, total sublease availability in the market decreased by one -tenth <br />of a percent. In total, the 03 sublease availability was 3.5M sq. ft, an 18% decrease from its peak <br />in over a year ago in Q22023, a clear indicator that the total amount of sublease space on the <br />market has stabilized. <br />Of the active sublease listings on the market in Q3, large blocks (greater than 100,000 sq. ft.) <br />still represented the largest segment of space with 37% of the total available sq. ft. in the <br />market. However, of this size range, none have been listed in over two years. <br />The average number of active days on market for available sublease space in Q3 was 588 days <br />or 1.6 years, with an average term remaining of 3.2 years. <br />FIGURE 8: Sublease Availability by Size and Year Listed <br />Sq. Ft <br />1.8M <br />1.6M <br />1.4M <br />1.2M <br />1.0M <br />800K <br />600K <br />400K <br />200K <br />0 <br />• <10k • 10-25k • 25-50k 50-100k • 100k+ <br />2020 <br />Source CBRE Research, 03 2024. <br />2021 2022 <br />2023 <br />2024 <br />4 CBRE RESEARCH <br />FIGURE 9: Historical Sublease vs Direct Availability <br />Sq. Ft. Direct Available Sq. Ft. Sublease Available Sq. Ft. -Sublease Available <br />25M 5% <br />20M !' 1 1 4% <br />15M <br />10M <br />5M <br />111„1111101 <br />0 0% <br />01 02 03 Q4 01 02 Q3 04 Q1 Q2 03 04 Q1 02 03 04 01 Q2 03 Q4 01 02 Q3 <br />2019 2020 <br />Source: CBRE Research, 032024. <br />FIGURE 10: Largest Sublease Block Spaces <br />2021 <br />2022 <br />2023 <br />2024 <br />Block Size Property Name Submarket Lease Expiration Term <br />Remaining <br />850,546 33 South Sixth <br />155,650 12125 Technology Drive <br />152,220 12700 Whitewater <br />132,604 10380 Bren Rd <br />96,687 Infer Commons <br />88,094 701 Carlson <br />Source: CBRE Research, 032024. <br />Minneapolis CBD 10/28/2030 <br />494 3/31/2026 <br />494 6/30/2026 <br />494 7/31/2026 <br />St. Paul CBD 8/31/2027 <br />394 6/30/2030 <br />4-7 years <br />< 2 years <br />< 2 years <br />2-4 years <br />2-4 years <br />4-7 years <br />© 2024 CBRE, INC. <br />