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FIGURES I MINNEAPOLIS/ST. PAUL INDUSTRIAL 104 2025 <br />National Economic Overview <br />The U.S. economy is sending some mixed signals. Financial markets are focused on the <br />upside, particularly Al's sizable contribution to growth in recent quarters. Some <br />indicators of business activity, such as capital goods orders, are improving, and <br />strengthening credit markets are helping to usher real estate into a new cycle. The <br />picture gets more melancholy when looking at households. Consumer confidence <br />remains weak, with spending reportedly driven by a smaller segment of affluent <br />households. <br />This mosaic of data suggests that annual average GDP growth will be steady in 2026, <br />at 2%, but a touch softer than in 2025. A key catalyst is a softer labor market, as <br />companies are 'slow to hire, slow to fire' —a trend that is likely to last a few quarters. A <br />consequence of this outlook is softer inflation and long-term bond yields trending just <br />below 4% by H2 2026. <br />88.154 44.186 <br />CBRE RESEARCH <br />Minneapolis/St. Paul Employment Update <br />w 3.6% <br />Unemployment Rate <br />- 2.1M <br />Labor Force <br />v 460.1 k <br />Office Using Jobs <br />A 547.4k <br />Industrial Using Jobs <br />y 258.4k <br />Retail Using Jobs <br />Employment Change by Sector -Yearly + Monthly <br />Bars indicate yearly trend, arrows indicate monthly trend <br />Education and Health Services <br />Financial Actleltlw <br />Government <br />Information <br />Leisure and Hosprtalrty <br />M.anufacte ri g <br />Mining and Logging <br />Professional and Business Ser_ <br />Retail Trade <br />Service Providing <br />Transportation and Utilities <br />Wholesale Trade <br />1 <br />• 020 <br />• 020 <br />-250 art <br />• —1d.46 <br />120 <br />-1.90 Eli <br />1036 <br />2050 <br />Minneapolis/St. Paul Unemployment Rate and Labor Force Trends <br />Source: US BLS, September 2025 <br />Labor Force <br />2.2M <br />2.1M <br />"r 1 <br />2.0M <br />1.9M ti <br />1.8M <br />2019 2020 <br />2021 <br />2022 <br />—Total Labor Force —Unemployment Rate <br />14% <br />12% <br />10% <br />8% <br />6% <br />4% <br />2% <br />0% <br />2023 <br />2024 <br />2025 <br />Source US BLS, September 2025 <br />2025 CBRE, INC. <br />