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FIGURES MINNEAPOLIS INDUSTRIAL 1 Q32024 <br />Leasing <br />In the Minneapolis market, there were 3.1M sq. ft. of industrial lease transactions completed in 03, <br />bringing the 2024 year-to-date leasing volume to 9.2M sq. ft. This represents a 14% increase from the <br />previous quarter and a 16% decrease in volume compared to the five-year Q1-Q3 average. <br />In 03, the market saw a return of leasing activity for large transactions greater than 200,000 sq. ft. in <br />size, with the three largest transactions of the quarter exceeding that size contributing 11% towards the <br />total leasing volume in 03. Leases between 50,000-100,000 sq. ft. had the highest total volume of <br />transactions in Q3, accounting for 32% of leasing this quarter. <br />The Northwest submarket had the highest volume of lease transactions with 1.4M sq. ft. transacted in <br />Q3 and 3.2M sq. ft. transacted year-to-date in 2024. Leasing on new construction (built since 2022) <br />represented 28% of the total leasing volume in the Northwest submarket this quarter. <br />FIGURE 5: 032024 Top Lease Transactions <br />Tenant <br />Size Property <br />(Sq. Ft.) <br />Submarket <br />Transaction <br />Type <br />Confidential 334,750 Dayton 94 <br />Heliene <br />GN Resound 217,000 5005 Dean Lakes <br />Northwest New Lease <br />227,054 Diamond Lake Distribution Center III Northwest New Lease <br />Southwest New Lease <br />Mission Foods 157,082 1565 1st Ave NW North Central Renewal <br />Entourage 99,531 Royalston City Market Minneapolis New Lease <br />Sonny's 95,612 Eagle Creek Commerce West Southwest Renewal <br />Bell Labs 95,439 Highway 55 Distribution Center <br />Source: CBRE Research, 03 2024 <br />CBRE RESEARCH <br />South Central New Lease <br />FIGURE 6: Quarterly Leasing Volume by Size, 012020-03 2024 <br />S4 Ft ■ <50k ■ 50-100k ■ 100-200k ■ 200-300k ■ 300k+ <br />6M <br />5M <br />4M <br />3M <br />TO 01 O OU <br />2020 I 2021 <br />Source: CBRE Research, 032024. <br />.3' di- 40 44 To` 44 40 a^ 1-0' oti 05 <br />2022 2023 2024 <br />FIGURE 7: Annual Leasing Activity by Submarket, 2022-2024 <br />Sq. Ft. <br />5.0M <br />■ 2022 ■ 2023 ■ YTD 2024 <br />4.5M <br />4.0M <br />25M <br />3.OM <br />25M <br />2.0M <br />15M - — <br />5M III III ... 11. <br />East Midway Minneapolis North Northwest South Southwest St Paul <br />Central Central <br />Source: CBRE Research, 03 2024. <br />© 2024 CBRE, INC. <br />