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FIGURE 3: Historical Vacancy Rates vs Asking Rates <br />N <br />N <br />0 <br />N <br />0 <br />0 <br />MINNEAPOLIS OFFICE I <br />Avg Asking Rate <br />Vacancy Rate <br />OO 0 00 0 OO 00 00 00 00 <br />00 Lri ,o Lri Lri <br />0 0 0 0 0 0 <br />Lr1 0 0 0 Ln 0 <br />N N !1 . <br />Absorption, Vacancy, and Lease Rates <br />Suburban Vacancy <br />Downtown Vacancy <br />Suburban Asking Rate <br />a_ <br />co <br />0) <br />0 <br />u) <br />0 <br />0 <br />0 <br />0 <br />0 <br />0 <br />N <br />0 <br />_U <br />U <br />ri <br />m <br />w <br />U <br />ai <br />o <br />a) <br />0 � a) <br />a) cn <br />L� 0 co co co O L. <br />a) <br />cn co - CD <br />+, co <br />O a- }' co U TN <br />C +, 0 L. L. > V ) <br />a-+ (n coU o co (Li g <br />L� a) C o O C 4.7). <br />L. <br />u)( N V N L - 0 a <br />4 0_> co t' a) co <br />LI) N Q N CO C a..,co ma) N <br />_c a) m O <br />p V) O n N co m E <br />N z 2 cT3cn cn • C <br />o Q U o 0 n _a c cu <br />I L ca D `L° <br />>' LL O W L- a) <br />aL m 0 ° 4— U > <br />> 0O o\° Cai <br />M N M O O N <br />a) a) C o + + a) <br />'—c .E — i CD C N 2O N <br />c N O co Q 0 a) U <br />o co N N oO O >O 0 <br />Q Q Q +' u) U U a) a) o co <br />0 o o > }' <br />N Q >� Ll) N Co C L <br />cn E co cocn coo N +, a) ,, E <br />M Co N -a a) = co L. co <br />0 U a) N N }, a) }' 0) cn <br />+s CO C.) <br />LE N co a) C �_ a •_ 0 <br />C- a_+ 4 c •F) a) g <br />a)O <br />E O co O E mc Q <br />-0 N E C a) <br />N a) > C L. a) N <br />oi O N O o CO a)— Q <br />O U L_ = +�-, op 0 C N <br />N U a) O7 >� Z <br />.0 V C N 0) N <br />co U f3 2 cn a 1 0 -0 <br />co > J 0 C= U CD cn CVO <br />+� C Co aco <br />+, .— c0 M 0 <br />C U +�-, Ca U.0 > cn d C 0 O <br />co 0 > Q cV N Lt <br />C L_ m = N co O] O u1 d- <br />a) N co _U 2 coL. LE O ? cn <br />+-+ O > O _c +CD <br />, 0 0 <br />co <br />0 <br />FIGURE 4: Q3 2022 Downtown vs Suburban Vacancy by Class <br />0 0 0 e 0 0 0 o <br />LA 0 LO 0 0 LO 0 <br />(r) () c N <br />0 <br />t4 <br />0 <br />N <br />■ <br />0 <br />v � <br />U <br />U <br />cD <br />0 <br />c <br />0 <br />0 <br />Class A • Class B <br />oQ, <br />G <br />b.> <br />Source: CBRE Research, 03 2022. <br />© 2022 CBRE, INC. <br />CBRE RESEARCH <br />