Laserfiche WebLink
FIGURES I MINNEAPOLIS OFFICE I Q32024 <br />Market Area Overview <br />Contact <br />Maggie Parra <br />Research Manager <br />CBRE I Minneapolis/St Paul <br />maggie.parra@cbre com <br />394 <br />® NORTH LOOP <br />▪ MINNEAPOLIS MIDWAY <br />CBD <br />NORTHEAST /:1 <br />MWNf <br />f1�r■ cv <br />SUBURBAN <br />ST. PAUL <br />ST. <br />PAUL CBD <br />Will Crooks <br />Field Research Analyst <br />CBRE I Capital Markets. <br />will.crooks@cbrecom <br />BEA <br />Definitions <br />• Building Area. The total floor area Sq. Ft. of the building, typically taken at the "drip line' of the building. <br />• Occupied Sq. Ft: Building Area not considered vacant <br />• Net Absorption The change in Occupied Sq Ft from one period to the next. <br />• Available Sq Ft: Space in a building, ready for occupancy within six months, can be occupied or vacant <br />• Availability Rate Total Available Sq. Ft (includes direct and sublease space) divided by the total Building Area <br />• Direct Availability Rate. Available Sq Ft (excluding sublease space) divided by the total Building Area <br />• Vacant Sq Ft.. Space that can be occupied within 30 days <br />• Direct Vacancy Rate: Vacant Sq. Ft divided by the total Building Area where subtenant space is excluded <br />Average Asking Lease Rate: A calculated average that includes net and gross lease rate, weighted by their <br />corresponding available square footage. <br />• Gross Activity All sale and lease transactions completed within a specified time period <br />• Gross Lease Rate: Rent typically includes real property taxes, building insurance, and major maintenance <br />• Net Lease Rate Rent excludes one or more of the "net" costs (real property taxes, building insurance, and major <br />maintenance)typically included in a Gross Lease Rate. <br />Survey Criteria <br />Includes multitenant office buildings 10,000 sq. ft. and greater In size In the Minneapolis/St Paul market excluding <br />single -tenant owner -occupied buildings, government -owned and -occupied buildings, and medical buildings <br />Buildings which have begun construction as evidenced by site excavation or foundation work <br />© Copyright 2024. All rights reserved. The views and opinions in these articles belong to the author and do not necessarily represent the views and opinions of CBRE. Our employees are obliged not to make any defamatory clauses, infringe or authorize <br />infringement of any legal nghts.Therefore, the company will not be responsible for or be liable for any damages or other liabilities arising from such statements included in the articles. <br />CBRE <br />