|
VACANCY AND ABSORPTION skewed heavily by the virtually empty
<br /> MINNEAPOLIS/SL PAUL METROPOLITAN AREA'FIRST QUARTER 1994-1996 Conservatory project in downtown
<br /> Minneapolis. Deleting that project from '
<br /> STUDY NUMBER OF GROSS the retail universe would mean an ANNUAL NET 0 MARKET SECTOR DATE CENTERS LEASABLE AREA AMOUNT TOTAL
<br /> VACANT A SORPTION overall city vacancy rate for retail space
<br /> ANOKA COUNTY of 9%.
<br /> Neighborhood 1994 10 1,564,102 160,841 10.3% The downtown Minneapolis retail
<br /> 1995 10 1,590,384 119,571 1.5% (361552 market is comprised of skyway retail,
<br /> 1996 20 1,597,326 109,980 storefront retail including the booming
<br /> Community 1994 7 1,305,263 6.2% 9'591 warehouse district, and traditional
<br /> 1995 7 80,869 6.2% (4,556)
<br /> 1,296,940 156,646 12.1% (84,100) retailing including department stores
<br /> 1996 8 1,476,940 140,542 9.5% 196,104 and the two shopping centers, Gaviidae
<br /> Regional 1994 1 811,000 16,000 2.0% Common and City Center.
<br /> 1995 1 811,000 16,000 2.0% 0
<br /> 1996 1 0 Downtown retail is relatively
<br /> 816,000 81,136 10.0% (65,236)
<br /> Specialty NONE healthy due to the strength and contin-
<br /> Total 1994 18 3,680,365 251,110 7 ued growth of the downtown work force.
<br /> 1995 28 3,698,324 292,717 7 0%0� (35,289) Over 140,000 people work downtown
<br /> 1995 29 3,890,166 331,158 a (16,548) and over 25,000 people live downtown.
<br /> DAKOTA COUNTY 8.5% 140,459 P P
<br /> High traffic skyway space continues
<br /> Neighborhood 1994 37 2,310,912 267,912 11.6% 25,682 to be in demand, with net rents ranging
<br /> 1995 37 2,325,912 269,922 11.6% 12,990 from$12-$45 psf. Because of the limited
<br /> 1996 37 2,154,153 228,933 10.6% 40,989 hours of operation, it is especially diffi-
<br /> Community 1994 13 2,516,565 232,318 9.2% 22,525 cult for a skyway retailer to pay rents
<br /> 1995 13 1,513,812 184,160 7.3% 45,415 that exceed 10-12% of their sales per
<br /> 1996 13 2,533,214 153,010 6.0% 31,150 square foot. Some skyway space is best
<br /> Regional 1994 2 1,714,343 25,000 1.5% 135,343
<br /> suited for an office or service tenant.
<br /> 1995 2 1,664,343 56,000 3.4%
<br /> (31,000)
<br /> 1996 2 1,664,343 50,000 3.0%
<br /> Many areas of downtown
<br /> Specialty NONE 6,000 Minneapolis exhibit strong sales. More
<br /> Total 1994 52 6,541,820 525,240 8.0% 183,550 than two dozen new retailers have
<br /> 1995 52 6,504,067 510,082 7.8% 27,405 opened stores in the past 30 months.
<br /> •MINNEAPOL 1996 52 6,351,710 431,943 6.8% 78,139 However, notable losses have been
<br /> IS Filene's Basement, Mark Shale, Room
<br /> Neighborhood 1994 7 381,141 14,966 6.6%
<br /> 1995 8 438,141 (1,800) and Board,Juster's, and Pottery Barn.
<br /> 1995 g 22,907 5.2% 59,059 The City is working with Ryan
<br /> %141
<br /> 438, 1,893 0.4 21,014
<br /> Community 1994 2 311,938 55,013 17.4% Companies to develop The Quarry, a
<br /> (116,313 redevelopment of a group of industrial
<br /> 1995 2 311,938 38,100 12.4%
<br /> 1996 2 313,459 40,000 11.8% (1,300) buildings in Northeast Minneapolis.The
<br /> Regional 1994 3 802,875 49,000 6.1% 270,359 project may be anchored by Target,
<br /> 1995 3 804,645 68,000 8.5% (17,230) Rainbow Foods, Home Depot and
<br /> 1996 3 711,054 50,284 7.1% 17,716 Petsmart. Completion is scheduled for
<br /> Specialty 1994 6 787,544 267,117 33.9%
<br /> 1995 S 101,946 157,500 367% (79'116) Fall 1997.
<br /> 1996 5 701,946 254,500 36.3% 82,798 Apache Plaza, a distressed 531,000
<br /> Total 1994 18 2,283,498 396,156 17.3% 173,391 sq• ft. mall on 37th Street and Silver
<br /> 1995 18 2,256,670 387,107 17.2% 62,019 Lake Road, is under consideration for
<br /> 1996 18 2,165,600 346,677 16.0% 120 Y28 repositioning. Until new tenants are
<br /> ©Towle Real Estate Company secured,the project's future is uncertain.
<br /> corner of Hwy 55 and Winnetka as MINNEAPOLIS WEST
<br /> Golden Valley Commons. The 47,000 This sector is the tightest in the
<br /> sq.ft.center will have several restaurants Within the Minneapolis city limits, metro area in terms of vacancy and
<br /> and is anchored by a 9,000 sq.ft.Snyder's Towle surveyed 18 centers of over 30,000 opportunity for development. The area
<br /> Drug Store. Construction will begin sq. ft. There has been no new develop- represents 11% of the total market GLA
<br /> Spring 1996 and is scheduled for comple- ment since 1993 when 200,000 sq. ft.was and 5% of the market's total vacancy.
<br /> tion Fall 1996. added and the vacancy rate was at a Many retailers are seeking locations in
<br /> decade high of 24.3%. the area.
<br /> The current vacancy rate for all The vacancy rate within the West
<br /> • centers in the city is 16% which is sector is 4%, down from 4.5% vacancy
<br /> 1
<br />
|