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FIGURES I MINNEAPOLIS INDUSTRIAL I Q32024
<br />FIGURE 14: Minneapolis/St. Paul Industrial Market Statistics by Submarket
<br />Submarket
<br />Inventory
<br />(Sq. Ft)
<br />Direct Total Q3 2024 2024 YTD
<br />Vacancy Availability Net Absorption Net Absorption
<br />Rate Rate (Sq. Ft) (Sq. Ft)
<br />Metro Overall
<br />East
<br />Midway
<br />Minneapolis
<br />North Central
<br />Northwest
<br />South Central
<br />Southwest
<br />St Paul
<br />Source: CBRE Research, 032024.
<br />357,004,317
<br />22,275,487
<br />28,799,948
<br />23,662,733
<br />54,959,170
<br />83,482,492
<br />56,055,206
<br />72,027,007
<br />15,742,274
<br />3.7%
<br />10.6%
<br />2.2%
<br />1.6%
<br />1.6%
<br />4.6%
<br />2.0%
<br />5.0%
<br />2.2%
<br />,IGURE 16: Minneapolis/St. Paul Industrial Construction Statistics
<br />5.1%
<br />12.9%
<br />4.0%
<br />2.3%
<br />2.7%
<br />5.6%
<br />4.4%
<br />6.2%
<br />2.5%
<br />1,002,369
<br />198,466
<br />111,719
<br />11,639
<br />254,750
<br />444,768
<br />365,315
<br />(356,233)
<br />(28,055)
<br />3,258,339
<br />387,165
<br />94,910
<br />3,891
<br />377,770
<br />1,379,631
<br />865,244
<br />9,779
<br />139,949
<br />FIGURE 15, Minneapolis/St. Paul Industrial Market Statistics by Product Type
<br />Product Type
<br />Inventory
<br />(Sq. Ft.)
<br />Direct Total Q3 2024
<br />Vacancy Availability Net Absorption
<br />Rate Rate (Sq. Ft.)
<br />All Product Types 357,004,317
<br />Bulk Warehouse 72,977,682
<br />Office Warehouse 144,779,652
<br />3.7%
<br />11.1%
<br />1.8%
<br />Office Showroom 39,977,138 4.2%
<br />Other 99,269,845 0.8%
<br />Source: CBRE Research, 032024
<br />Submarket
<br />Construction Spec Under BTS Under Total Under Spec Under Q3 Spec Q3 BTS 2024 YTD
<br />Starts Construction Construction Construction Construction Completions Completions Completions
<br />Preleased
<br />Metro Overall 526,038 459,258
<br />East 0 0
<br />Northwest 351,038 222,219 593,595
<br />Southwest 0 0 525,391
<br />South Central 0 89,039 369,965
<br />North Central 0 148,000 156,254
<br />Minneapolis 0 0 0 0
<br />St Paul 175,000 0 175,000 175,000
<br />Midway 0 0 0 0
<br />Source: CBRE Research. 03 2024.
<br />6 CBRE RESEARCH
<br />1,820,205 2,279,463 45% 210,160 881,481 3,159,154
<br />0 0 - 0 160,000 160,000
<br />815,814 39% 0 500,800 1,463,973
<br />525,391 126,160 0 617,500
<br />459,004 0% 0 23,000 411,000
<br />304,254 80% 84,000 176,000 303,000
<br />O 0 0
<br />O 21,681 21,681
<br />O 0 182,000
<br />5.1%
<br />12.0%
<br />3.4%
<br />7.0%
<br />1.6%
<br />1,002,369
<br />502,103
<br />226,019
<br />107,480
<br />166,767
<br />© 2024 CBRE, INC.
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