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Average asking rents in the OS/BC market remained stable at $7.93 psf for office and$4.02 psf for warehouse.In the ¢ s;. *r O O/W market,office rents increased 3.9% to $7.10 psf and warehouse rents rose 3.4% to $3.62 psf. OFFICE SHOWROOM/ - BUSINESS CENTER ANOKA COUNTY An impressive 4% vacancy rate was Newly constructed Lone Oak Commerce Center in Eagan reported in Anoka County due to annual absorption of 23,638 sq. ft. for third Roseville, this new OS/BC facility is occurred in Aurora Business Center, quarter 1995.The majority of the leasing approximately one-half occupied. Shingle Creek Plaza II and Wedgewood activity occurred in Fridley at River Annual absorption of 86,449 sq. ft. Commerce Center IIl. Road Business Center South and lowered the Northeast Sector's vacancy Average quoted net rental rates in University Business Center. No space of rate from 9.2% to 7.8% for the third the Northwest Sector remained the same 20,000 sq. ft. or larger is currently avail- quarter 1995. at$7.41 psf for office space and$3.86 psf able in this submarket. Although there was a slight reduc- for warehouse space. tion in average quoted net rental rates, DAKOTA COUNTY the Northeast Sector continues to be the ST. PAUL Dakota County experienced a highest in the Twin Cities metropolitan Another year of significant absorp- dramatic decrease in its vacancy rate, market,reporting$8.43 psf and$4.30 psf tion resulted in a 4.2% vacancy rate for dropping 5.7 percentage points to 9.4% for office and warehouse respectively. St. Paul's OS/BC submarket. Annual for third quarter 1995. Significant absorption of 47,266 sq. ft. was reported annual absorption of 143,811 sq. ft. was NORTHWEST for third quarter 1995. reported. Since its peak at 20.7% in Leasing activity in several buildings None of the buildings in this 1992, the vacancy rate has fallen a total in the Northwest Sector accounted for submarket have contiguous space of of 11.7 percentage points in three years the drop of 5 percentage points in the 20,000 sq. ft. available. And last year's and a total of 282,000 sq. ft. has been vacancy rate to 7.1% for third quarter new addition, Westgate Business Center absorbed. 1995. A total of 51,051 sq. ft. was III is now 100% occupied. absorbed, the majority of which MINNEAPOLIS Poor occupancy continues to plague the Minneapolis OS/BC submarket, VACANCY RATES which contains only three buildings MINNEAPOLIS/ST. PAUL SECTORS-THIRD QUARTER 1995 totaling 290,000 sq. ft. Negative absorp ©To.ie Real Estate Company tion of 5,000 sq.ft.increased the vacancy 30% rate to 24.4% for third quarter 1995.This marks the fifth consecutive year of 25% vacancy levels above 20%. Currently, there is contiguous space 20% of 40,000 sq. ft. available at Hennepin Business Center. 15% Op l=t6.3% OS/BC=1.9% NORTHEAST l0°%° euut=Lt% Ryan Construction completed phase two (75,000 sq. ft.) of Twin Lakes 5°%° Corporate Center bringing this submarket's total to 26 buildings 0 g 1988 1989 1990 1991 1992 1993 1994 1995 containing 1,352,518 sq. ft. Located in � OS/BC OFFICE WAREHOUSE BULK WAREHOUSE •