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Deleted from the survey this year,
<br /> NUMBER TOTAL TOTAL AMOUNT VACANCY NET because it became single tenant, was the
<br /> MARKET SECTOR STUDY DATE OF BLDGS RENTABLE AREA VACANT RATE ABSORPTION 40,000 sq. ft. KB Development II build-
<br /> ing in Plymouth. Substantial proposed
<br /> •Dakota County 3rd Otr 1993 26 1,616,703 191,054 11.8% 142,089 development for the West Sector may
<br /> 3rd Otr 1994 26 1,616,703 154,369 9.5% 36,685 result in more than 1 million square feet
<br /> 3rd Otr 1995 28 1,957,603 245,723 12.6% 153,047 of new O/W facilities.
<br /> Minneapolis 3rd Qtr 1993 13 647,757 68,147 10.5% (15,833)
<br /> 3rd Otr 1994 14 781,221 14,364 9.4% 133,148 Rental rates for the West Sector
<br /> remained the same for warehouse space
<br /> 3rd Qtr 1995 14 787,757 34,178 4.3% 40,186
<br /> Northeast 3rd Qtr 1993 53 3,081,596 466,709 15.1% 81,925 at$3.54 psf,but rose by 3.5% in office to
<br /> 3rd Otr 1994 59 3,367,379 282,895 8.4% 469,597 $7.20 psf.
<br /> 3rd Otr 1995 59 3,367,379 193,410 5.7% 89,685
<br /> Northwest 3rd Otr 1993 36 2,081,251 257,640 12.4% 197,817
<br /> 3rd Qtr 1994 37 2,235,311 165,131 7.4% 246,569 \\ BULK
<br /> 3rd Qtr 1995 38 2,413,811 195,400 8.1% 42,731
<br /> Scott(aunty 3rd Otr 1993 n/o n/a n/a n/o n/a �� WAREHOUSE
<br /> 3rd Qtr 1994 4 221,240 37,350 16.9% n/a
<br /> 3rd Otr 1995 4 221,107 18,750 8.5% 18,467 DAKOTA COUNTY
<br /> St.Paul 3rd Otr 1993 10 545,319 71,700 13.1% 158,094 After suffering negative absorption
<br /> 3rd Qtr 1994 10 545,319 51,890 9.5% 19,810 in 1994, the Dakota Countv BULK
<br /> 3rd Otr 1995 11 646,319 47,700 7.4% 105,190 market reported absorption of 63,206
<br /> Southwest 3rd Qtr 1993 86 5,275,817 522,629 9.9% 69,352 sq. ft. for the third quarter of 1995,
<br /> 3rd Qtr 1994 86 5,254,403 541,413 10.3% (40,198) lowering its vacancy rate 3.4 percentage
<br /> 3rd Qtr 1995 86 5,234,601 296,962 5.1% 244,451 points to 11.8%. A look back to its 1992
<br /> West 3rd Qtr 1993 43 2,883,685 610,980 21.2% 262,314 vacancy rate of 45.9% shows a substan-
<br /> 3rd Qtr 1994 43 2,884,685 245,727 8.5% 366,253 tial recovery! The majority of the
<br /> 3rd Qtr 1995 42 2,843,694 102,341 3.6% 143,297 vacancy exists in one Inver Grove
<br /> Metropolitan 3rd Qtr 1993 267 16,132,128 2,188,859 13.6% 895,758
<br /> Totals 3rd Otr 1994 279 16,912,262 1,553,139 9.2% 1,231,964 Heights building. The remaining six
<br /> 3rd Qtr 1995 282 11,412,211 1,134,464 6.5% 831,054 buildings in this submarket of 1.8 million
<br /> sq.ft.report an extremely low combined
<br /> OLK WAREHOUSE MARKET vacancy rate of 1.1%.
<br /> Dakota(ounty 3rd Qtr 1993 7 1,799,760 257,440 14.3% 181,232
<br /> 3rd Otr 1994 7 1,799,760 272,800 15.2% (15,360) MINNEAPOLIS
<br /> 3rd Otr 1995 7 1,778,191 209,594 11.8% 63,206 The Minneapolis BULK market
<br /> Minneapolis 3rd Qtr 1993 6 961,082 55,680 5.8% 100,309 reported a setback for third quarter 1995
<br /> 3rd Qtr 1994 7 1,033,082 70,000 6.8% 57,680 with negative absorption of 50,200 sq. ft.
<br /> 3rd Qtr 1995 7 1,031,082 120,200 11.7% (50,200) This raised its vacancy rate by 4.9
<br /> Northeast 3rd Qtr 1993 6 1,542,500 0 0.0% 19,000 percentage points to 11.7%.Of the seven
<br /> 3rd Qtr 1994 6 1,542,500 10,000 0.6% (10,000) buildings in this submarket, three
<br /> 3rd Qtr 1995 6 1,542,500 79,000 5.1% (69,000) experienced negative absorption,
<br /> Northwest 3rd Qtr 1993 11 1,738,161 192,922 11.1% 186,478 resulting in an overall absorption rate of
<br /> 3rd Qtr 1994 11 1,738,261 44,168 2.5% 148,754 -5.2%. The Schoening Group's BULK
<br /> 3rd Qtr 1995 11 1,737,261 5,000 0.3% 39,168 facility at 3939 East 46th Street that was
<br /> St.Paul 3rd Otr 1993 14 1,565,000 80,000 5.1% 209,715 added to this survey last year is now
<br /> 3rd Qtr 1994 14 1,565,000 150,703 9.6% (70,703) 100% occupied.
<br /> 3rd Qtr 1995 14 1,565 000 153,000 9.8% (2,297)
<br /> Southwest 3rd Qtr 1993 9 1,161,112 150,170 12.9% (498) NORTHEAST
<br /> 3rd Otr 1994 9 1,161,122 149,430 12.9% 740
<br /> 3rd Otr 1995 10 1,264,522 69,430 5.5% 183,400 Following three years of extremely
<br /> West 3rd Qtr 1992 13 1,429,555 208,160 14.6% 120,420 tight space availability in the Northeast
<br /> 3rd Otr 1993 13 1,429,555 205,358 7.4% 102,802 Sector, this submarket experienced
<br /> 3rd Qtr 1995 14 1,638,087 114,115 7.0% 201,715 negative absorption of 69,000 sq. ft. for
<br /> Metropolitan 3rd Otr 1993 66 10,197,180 944,372 9.3% 816,656 the third quarter 1995. This raised its
<br /> Totals 3rd Qtr 1994 67 10,269,280 802,459 7.8% 213,913 vacancy rate to 5.1%, which is a signifi-
<br /> 3rd Qtr 1995 69 10,556,643 750,339 7.1% 366,051 cant jump up from third quarter 1994s
<br /> • ©Towle Real Estate Company reported vacancy rate of.6%.
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