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FIGURES I MINNEAPOLIS/ST. PAUL INDUSTRIAL I Q4 2025 <br />Availability Rate FIGURE 2: Availability Rates <br />Availability Rate (Y) <br />The Minneapolis/St. Paul industrial market reported a direct vacancy of 3.8% in 04, unchanged 7 <br />from the previous quarter. New construction delivered this quarter contributed an additional 6 <br />520k sq. ft. of vacant space. <br />5 <br />The East submarket saw the largest drop in vacancy from last quarter's 8.9% to 6.8%. This <br />notable drop is due to the Owner User sale from Superior Logistics in Ramsey, occupying 252k <br />sq. ft of vacant space this quarter. <br />The market availability felt a slight increase of 5 bps at 6.5%. Direct availability remained <br />unchanged at 5.9% with sublease availability increasing up by 10 bps to 0.9%. Bulk Warehouse <br />product maintained the lowest availability rate at 4.6%, compared to 7.3%for Office Warehouse, <br />and 7.4% for Office Showroom. <br />Asking Rent <br />The Minneapolis/St. Paul industrial market experienced a slight increase of 30 bps in the <br />average net -blended asking rate, quarter -over -quarter, bringing it to $9.34 (+$0.03). This was a <br />7.6% increase year -over -year. <br />In 04 the average Office Warehouse rates were $9.51, and Office Showroom rates were $10.95, <br />Bulk Warehouse was the only industrial subtype that did not experience positive gain in average <br />rates, at $9.90. <br />The Minneapolis, East, and Midway submarkets led the market with the highest asking rates of <br />$10.47, $9.92, and $9.85, respectively. These changes are largely due to the negotiable range of <br />rates in new construction. <br />4 <br />3 <br />2 <br />0 <br />'LOTS 'LOTS <br />O'4O,y'3 / O 400'S <br />Source CBRE Research, 042025 <br />FIGURE 3: Avg. Direct Asking Rate (NNN/YR) <br />$ / SF <br />11.00 <br />10.50 <br />10.00 <br />9.50 <br />9.00 <br />8.50 <br />8.00 <br />7.50 <br />7.00 <br />^ryO,Lb o ryo.Lb ryo.Lb ry.Lb <br />0 & <br />Overall •Direct •Sublease <br />O^ & c9 OL` O^ <br />Source: CBRE Research, 04 2025 <br />U b <br />61'`Yory <br />,Lo <br />O'1oy5 031014; <br />0, <br />CBRE RESEARCH © 2025 CBRE, INC. <br />