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<br /> The Renovated segment also expe-
<br /> rienced negative absorption, of 14,314 VACANCY AND ABSORPTION
<br /> sq. ft., resulting in a vacancy rate of MINNEAPOLIS/ST.PAUL METROPOLITAN AREA 1993-1995
<br /> 22.0%. First Trust Center, the Golden
<br /> Rule Building, Lowertown Business NUMBER TOTAL TOTAL
<br /> Center and the Army Corps of STUDY OF RENTABLE AMOUNT PERCENT NET •
<br /> Engineers Centre have the largest blocks MARKET SECTOR DATE BLDGS AREA VACANT VACANT ABSORPTION
<br /> of contiguous space available. The Anoka County 2nd Qtr.1993 9 382,028 68,297 17.9% 33,457
<br /> average net rental rate was reported at 2nd Qtr.1994 9 382,028 66,505 17.4% 1,792
<br /> $7.95 psf, up 2.4% from 1994. The 2nd Qtr.1995 9 382,028 65,408 17.1% 1,097
<br /> average property tax decreased by Dakota County 2nd Qtr.1993 18 925,868 158,780 17.1% -23,648
<br /> 18.9% to $1.69 psf. Total expenses also 2nd Qtr.1994 19 1,031 673 198,897 19.3% 65,688
<br /> dropped,by 6% to$5.39 psf. 2nd Qtr.1995 18 855,688 203,056 23.7% -3,903
<br /> ST. PAUL OUT OF CBD Minneapolis CBD
<br /> For the second year,this sub-market
<br /> Class A 2nd Qtr.1993 19 12,701,697 2,005,132 15.8% 870,299
<br /> 2nd Qtr.1994 19 12,101,691 1,056,999 8.3% 948,133
<br /> experienced negative absorption of 2nd Qtr.1995 19 12,676,319 574,050 4.5% 481,574
<br /> 142,685 sq. ft. The vacancy rate rose 7.1 4th Qtr.1995 19 12,676,319 572,626 4.5% -22,579
<br /> percentage points to 32.3%. Class B 2nd Qtr.1993 26 4,571,793 1,050,713 23.0% 112,584
<br /> Contributing in part to this high 2nd Qtr.1994 26 4,533,988 911,135 20.1% 100,773
<br /> vacancy rate were two buildings that are 2nd Qtr.1995 26 4,562,710 916,062 20.1% 4,764
<br /> currently empty: the 1185 Concord 4th Qtr.1995 26 4,562,484 949,304 20.8% -33,242
<br /> Building and the former 31V1 building at
<br /> 800 E. Nlinnehaha, which is now for Class C 2nd Qtr.1993 9 938,211 189,966 20.2% 28,325
<br /> lease and added to this second quarter 2nd Qtr.1994 9 938,211 198,076 21.1% -8,110
<br /> 1995 study. Other buildings with high 2nd Qtr.1995 9 938,211 224,373 23.9% -26,297
<br /> vacancy levels include Court 4th Qtr.1995 9 938,277 214,984 22.9% 9,389
<br /> International, the Griggs-Nlidway Renovated 2nd Qtr.1993 25 2,770,352 428,266 15.5% -15,781
<br /> Building, The Energy Technology 2nd Qtr.1994 26 3,164,059 440,816 13.9% 109,242
<br /> Center and Spruce Tree Centre. The 2nd Qtr.1995 25 3,047,092 338,726 11.1% 146,818
<br /> combined vacancy rate of the remaining 4th Qtr.1995 25 3,047,092 378,128 12.4% -39,402
<br /> 13 buildings equals 10.5%. Subtotal 2nd Qtr.1993 79 20,982,119 3,674,077 17.5% 995,416 .
<br /> Several large blocks of contiguous 2nd Qtr.1994 80 21,338,021 2,608,026 12.2% 1,150,038
<br /> space were reported. The Energy 2nd Qtr.1995 79 21,224,398 2,053,211 9.7% 606,859
<br /> Technology Center has 125,000 sq. ft. 4th Qtr.1995 79 21,224,172 2,115,042 10.0% -85,834
<br /> available, 1185 Concord Building has Minneapolis 2nd Qtr.1993 12 1,079,038 58,991 5.5% 12,164
<br /> 90,000 sq.ft.,800 E.Nlinnehaha building Out-of-CBD 2nd Qtr.1994 12 1,079,038 139,046 11.9% -80,055
<br /> has 60,000 sq.ft. and the Griggs-Midway 2nd Qtr.1995 15 1,338,463 212,132 20.3% 140,655
<br /> Building has 50,000 sq. ft. available. Northeast 2nd Qtr.1993 30 1,517,655 226,352 14.9% 90,731
<br /> The 106,000 sq. ft. never-finished mall at 2nd Qtr.1994 30 1,517,655 141,642 9.3% 84,710
<br /> 2145 Ford Parkway was recently
<br /> completed,named Parkway Professional 2nd Qtr.1995 30 1,496,584 121,440 8.1% 20,177
<br /> Building, and will be ready for occupan- Northwest 2nd Qtr.1993 11 866,601 210,607 24.3% -4,060
<br /> cy in August. 2nd Qtr.1994 11 866,601 149,479 17.2% 61,128
<br /> The quoted net asking rents ranged 2nd Qtr.1995 11 866,212 138,518 16.0% 10,572
<br /> between $2.31 to $12.40 psf, with the *4th Quarter Absorption figures reflect a 6 month net absorption 0 Towle Real Estate Company
<br /> average rent reported at$6.87 psf,down
<br /> slightly from last year's reported $6.99
<br /> psf.The average property tax rose 12.9% absorption for the second quarter 1995 is $8.54 psf, down 3.9% from 1994. The
<br /> to $2.09 psf, with total expenses increas- 20,777 sq.ft. average property tax also decreased by
<br /> inc,3.5% to$5.70 psf. From second quarter 1994 to second 2.3% to $3.01 psf, as did total expenses,
<br /> quarter 1995, two-thirds of the buildings down 6% to$6.34 psf.
<br /> NORTHEAST SECTOR in this sector reported equal or improved
<br /> For the fourth straight year, the occupancy. ANOKA COUNTY
<br /> Northeast Sector reported positive For the second consecutive year,the This market sector experienced
<br /> absorption,lowering its vacancy rate to a quoted net asking rents decreased slight little change from the year prior,
<br /> 10 year low of 8.1%. The annual net ly, with the average rent reported at reporting minimal absorption of less
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