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<br /> last year. Neighborhood centers showed
<br /> a vacancy rate of 7.1% while community STUDY NUMBER OF GROSS TOTAL PERCENT ANNUAL NET
<br /> centers are at 2.5% and regional centers MARKET SECTOR DATE CENTERS LEASABLE AREA AMOUNT VACANT VACANT ABSORPTION
<br /> are at 1.9%. NORTHEAST
<br /> CS!Iv1 Corporation has announced Neighborhood 1994 29 2,061,740 304,972 14.8% 132,278
<br /> plans to develop Boulevard Gardens, a 1995 29 1,036,425 239,475 11.8% 40,182
<br /> mixed-use project on the Northwest 1996 29 2,021,425 137,888 11.8% 1,587
<br /> quadrant of I-394 and County Road 73. Community 1994 6 1,229,803 33,046 1.7% 70,954
<br /> The project will include 250,000 sq.ft.of 1995 6 1,229,803 83,600 6.8% (50,554)
<br /> 1996 6 1,229,803 63,900 5.2% 19,700
<br /> retail, 332 units of housing and a 63-unit Regional 1994 4 2,879,625 211,057 7.3% 59,014
<br /> apartment project. Scheduled comple- 1995 4 2,843,477 111,210 7.4% (36,301)
<br /> tion for retail is Fall 1996. 1996 4 2,843,477 430,903 15.2% (219,693)
<br /> Specialty N/A
<br /> Total 1994 39 6,171,168 549,075 8.9% 262,246
<br /> 1995 39 6,109,705 534,285 8.7% (46,673)
<br /> 1996 39 6,094,705 732,691 12.0% (198,406)
<br /> NORTHWEST
<br /> Neighborhood 1994 20 1,508,239 197,089 13.1% (44,174)
<br /> 1995 20 1,494,704 182,855 12.2% 5,407
<br /> 1996 20 1,494,704 230,872 15.4% (43,309)
<br /> Community 1994 7 1,351,096 90,685 6.7% (56,851)
<br /> 1995 7 1,489,021 114,463 7.7% 114,147
<br /> 1996 8 1,919,021 111,871 5.9% 431,591
<br /> Regional 1994 1 925,000 25,000 2.7% (15,000)
<br /> ♦ West Village Center,a new 110,000 sq.ft.center in 1995 1 925,000 20,000 2.2% 5,000
<br /> Chanhassen developed by T.F.James Company 1996 1 986,000 177,480 18% (157,480)
<br /> Specialty NONE
<br /> Total 1994 28 3,784,335 312,774 8.3% (116,025)
<br /> SOUTHWEST SECTOR 1995 28 3,908,725 317,318 8.1% 124,554
<br /> This large sector (39 centers) 1996 29 4,399,725 521,224 11.8% 230,802
<br /> accounts for 21% of the market's total SOUTHWEST
<br /> universe, and 12% of the total market Neighborhood 1994 28 1,800,654 99,657 5.5% (16,128)
<br /> vacancy. Within the sector,vacancy rates 1995 26 1,787,465 64,137 3.6% 22,331
<br /> have dropped from 4.7% to 4.5% with 1996 26 1,797,466 118,992 6.6% (4,855) •
<br /> absorption of 134,803 s ft. Only neigh- Community 1994 5 805,066 34,989 4.3% 39,615
<br /> p q' y ne C, 1995 7 1,075,386 69,626 6.5% 235,683
<br /> borhood centers have seen an increase in 1996 8 1,078,885 59,669 5.5% 9,951
<br /> vacancy rates, from 3.6% last year to Regional 1994 4 5,550,221 475,560 8.6% (113,000)
<br /> 6.6% currently. 1995 4 5,350,522 200,560 3.7% 75,301
<br /> Eden Prairie Center, a 1.1 million 1996 4 5,418,522 183,060 3.4% 85,500
<br /> sq. ft. regional mall was recently sold to Specialty 1994 1 417,784 62,200 14.9% 13,001
<br /> General Growth as part of a $1.8 billion 1995 1 417,784 75,201 18.0% (13,001)
<br /> 1996 1 417,784 31,000 7.4% 44,201
<br /> purchase of Homart properties. The Total 1994 38 8,573,725 672,406 7.8% (76,512)
<br /> Carson's store was purchased by 1995 38 8,631,157 409,524 4.7% 320,314
<br /> Dayton-Hudson Company who refor- 1996 39 8,712,656 392,721 4.5% 134,803
<br /> matted the 130,000 sq. ft. store to a ST.PAUL
<br /> Mervyn's. Earlier, a new Kohl's store Neighborhood 1994 11 617,759 73,906 12.0% 33,890
<br /> was part of a two story expansion. 1995 10 534,214 52,324 9.8% (4,063)
<br /> Hartford Place,a proposed 194,000 1996 11 578,214 40,566 7.0% 113,658
<br /> sq. ft center located on a 23 acre parcel Community 1994 4 882,935 100,880 11.4% 81,371
<br /> east of Eden Prairie Center, will be 1995 4 891,929 76,288 8.6% 33,586
<br /> developed by Ryan Companies. 1996 4 891,919 194,596 21.8% (118,308)
<br /> Regional 1994 1 363,062 180,000 49.6% 1,062
<br /> One new center was added to the 1995 2 359,150 145,344 40.5% 30,744
<br /> sector - West Village Center in 1996 3 621,770 169,450 27.3% 343,514
<br /> Chanhassen. Built by the T.F. James Specialty 1994 5 162,650 22,580 8.6% 5,583
<br /> Company,it is a 110,000 sq. ft. neighbor- 1995 5 262,650 15,976 9.9% (3,396)
<br /> hood center anchored by Byerly's. A 1996 5 262,650 28,000 10.7% (2,024)
<br /> second phase of the development, on an Total 1994 22 2,126,406 377,366 17.7% 121,906
<br /> adjacent 5 acres, is planned. 1995 21 2,047,943 199,931 14.6% 56,871
<br /> 1996 23 2,354,563 432,612 18.4% 336,840
<br /> ©Towle Real Estate Company •
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