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years. The northeast submarket, however, is not expected to see significant absorption of vacant <br />office space in 2013, with the greatest demand for office space continuing to be in the west <br />submarket of the metro. <br /> <br />A total of 12.8% of industrial property space in the City is vacant. In comparison, the northeast <br />submarket vacancy rate is 13.0% and the metro rate is 12.8%. One impact on industrial vacancy <br />in Arden Hills may be <br />modern, efficient, high-clear buildings. Many properties in the City are older and may have <br />issues related to age, layout, and limited docking space. This overall trend in industrial property <br />usage may help explain the difference in the industrial property vacancy rate in the Gateway <br />District as compared to theRed Fox-Grey Fox District. The Gateway industrial vacancy rate is <br />just 2.8%. In contrast, the Red Fox-Grey Fox vacancy rate is 20.7%. <br /> <br />Local Business District Analysis <br /> <br />Each of the four business districts in the City has a distinct mix of commercial and industrial <br />land uses. Significant differences exist between the districts in terms of overall vacancy rates and <br />the specific level of vacancy amongst retail, office, and industrial uses. <br /> <br /> <br />The overall vacancy rate for the B2 District is comparably high at 29.3% as a result of the <br />large amount of office space available 37.8% of office space is currently vacant. The <br />33.0% vacancy rate amongst retail properties is also high relative to the City average of <br />16.7%. <br /> <br /> <br />The Corporate Campus District is comprised almost entirely of commercial office space. <br />Currently, 15.8% of office property in the district is vacant, falling below the vacancy <br />averages for the City, northeast submarket, and metro. <br /> <br /> <br />The Gateway District is predominantly made up of industrial properties. The district <br />vacancy rate of 2.8% is significantly lower than industrial vacancy averages for the City, <br />northeast submarket, and metro. <br /> <br /> <br />Between the districts, the Red Fox-Grey Fox District has the greatest variety in land uses. <br />District-wide the vacancy rate for all properties is 14.9%. A high level of vacancy in <br />industrial properties (20.7%) impacts this average rate. Office and retail vacancies are <br />significantly lower; 6.7% of office and 3.6% of retail square footage is available. <br /> <br /> <br /> <br />City of Arden Hills <br />Economic Development Commission Meeting May 1, 2013 <br /> <br />22 <br />Page of <br />