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Master Development Plan Draft
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10/13/2008 11:28:29 AM
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10/13/2008 11:25:47 AM
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Master Development Plan Draft
General - Type
Master Development Plan Draft
Date
10/13/2008
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<br />District Market Analysis <br /> <br />Projected Demand for Office Space <br /> <br />The amount (in square feet) of additional office space supportable in the study area is <br />based on projected office employment growth in the Office Market Area. The demand <br />calculations are shown in Table 5 and are summarized in the following points. <br /> <br />· The Office Market Area is projected to add nearly 6,000 total jobs between 2007 and <br />2015. Of that growth, it is estimated estimate that 30 percent will be office jobs, or <br />1,776 new office jobs. <br /> <br />· Using an industry standard of200 square feet of office space per employee on <br />average, demand is forecast for 355,] 3] square feet of office space in the Office <br />Market Area between 2007 and 2015 to accommodate office employment growth. <br />This figure assumes that a variety of office spaces in a variety of locations will be <br />available to meet the needs of prospective tenants. <br /> <br />· Of this demand, we estimate that Arden Hills will capture 30 percent or ]06,539 <br />square feet of office space. <br /> <br />· From that amount, existing competitive space marketing was subtracted along with <br />pending space identified - about ]20,076 square feet. From that calculation, demand <br />was estimated for about -13,537 square feet of office in the City of Arden Hills <br />between 2007 and 2015. The negative demand for office space is the result of large <br />amounts of vacant office space located in the Arden Hills Office Market Area. <br /> <br />· At this time, our findings suggest that no new office space could be supported in <br />the study area. We estimate negative demand (-2,031 to -2,707 square feet of <br />office space) from 2007 to 20] 5 in the study area due to existing vacant office <br />space as well as the Office Market Area's limited capacity to absorb existing product. <br />If the Office Market Area's vacancy rates decline and the marketplace absorbs <br />existing office space in the future, there is potential for a redevelopment site to <br />potentially capture an office user considering locating in the study area. However, <br />we believe that a min imum of five to seven years will be required to allow for the <br />market to rebound and absorb existing pnxluct. <br /> <br />· Small technology finns, consulting companies, legal firms, medical offices, small <br />sales firms, and advertising firms are some of the companies that might be interested <br />in locating in the study area Other companies specializing in medical products or <br />technology may also consider office space in the study area to synergize with <br />similarly focused companies located nearby. <br /> <br />3-8 The New Lake Johanna Boulevard <br />
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