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<br />Ms. Michelle Wolfe <br />City of Arden Hills <br /> <br />August 20, 2007 <br />Page 9 <br /> <br />a. Inventory competitive retail centers in the Trade Area; include information on <br />amount of space, vacancies, year built/renovated, lease rates, and tenant mix. <br />b. Inventory any planned retail development, including renovations and expan- <br />sions planned in the Trade Area. Assess their impact on the potential for retail <br />development on the TCAAP property. <br />c. Interview retail brokers in the area regarding retail market trends, positioning of <br />retail space on the TCAAP property, the potential for new retail at the proposed <br />location including amount and types, and identifY areas that would compete <br />with the site for customers. <br /> <br />Cost: $3,000.00 <br /> <br />4. Demand Estimates and Recommendations <br />I. Calculate demand for new retail space in the Trade Area through 2020, includ- <br />ing the proportion that can be captured at the Site over the proposed timeframes. <br />2. IdentifY a mix of uses and umnet market niches that would be appropriate the <br />property. Provide a mix of both potential local and national user types that <br />would be appropriate. <br />4. Analyze the conditions necessary to attract certain types of users to the Site. <br />5. IdentifY a potential timeframe for attracting these users. <br />6. Examine the potential synergies between retail, housing, and office developed <br />in a master-planned community on the subject property. <br /> <br />Cost <br /> <br />$3,000.00 <br /> <br />Office Market Analysis <br /> <br />B. Office Market Analysis and Market Conditions <br />I. Define the Trade Area for office in a mixed-use master-planned, examine <br />demographic growth trends in the Trade Area. <br /> <br />Cost: <br /> <br />$400.00 <br /> <br />2. Examine Employment Trends and Business Growth in the Trade Area. <br />a. Examine overall employment growth trends for the Trade Area. <br />b. Examine business growth trends in the Trade Area (types of business establish- <br />ments) focusing on growth among businesses that traditionally utilize office <br />space. <br /> <br />Cost: <br /> <br />$800.00 <br /> <br />3. Office Market Conditions <br />a. Examine secondary data on office space construction and absorption since 2000 <br />and recent occupancy rate trends. <br /> <br />MAXFIELD RESEARCH INC. <br />