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<br />BUSINESS PARK <br /> <br />Prior Lake's industrial development is located along CSAH 21 on the eastern edge of the City. <br />This area includes older warehouse and industrial development north of the highway, as well as <br />Waterfront Passage Business Park. Business park development began in 1993 and its most <br />recent building was completed in 2002. Eight buildings total 199,643 square feet. <br /> <br />Office Warehouse <br /> <br />Estimated office warehouse absorption by five-year periods, is contained in Table v. During the <br />period 2005 tbrough 2009, Prior Lake is estimated to capture 55,000 square feet of office <br />warehouse space, which would require about four acres at 15,000 square feet per acre. Annual <br />absorption increases gradually over the 20-year period to 107,000 square feet, which would <br />require eight acres. During the projection period, office warehouse space is expected to increase <br />from 55,000 square feet in the first five-year period to 107,000 square feet in the 2020 tbrough <br />2025 period. This is a total of 310,000 square feet, which would require 23 acres at 15,000 <br />square feet per acre. <br /> <br />Period <br />2005 - 2009 <br />20lO - 2014 <br />2015 - 2019 <br />2020 - 2025 <br />Total <br /> <br />Table v <br /> <br />OFFICE WAREHOUSE DEVELOPMENT POTENTIAL <br />ESTIMATED ABSORPTION AND ACRES <br />(In Thousands of Square Feet) <br /> <br />Metro <br />Area <br />4,372.6 <br />5,53\.4 <br />6,258.2 <br />8,604.4 <br /> <br />Southwest <br />Submarket <br />(a) 12.5% <br />547 <br />691 <br />782 <br />1,075 <br /> <br />Prior <br />Lake <br />(a) 10 <br />55 <br />69 <br />79 <br />lO7 <br />310 <br /> <br />Acres <br />@ 15,000 <br />Sq.Ft. <br />4 <br />5 <br />6 <br />8 <br />23 <br /> <br />Source: McComb Group, Ltd. <br /> <br />Office Showroom <br /> <br />Prior Lake office showroom absorption is estimated to increase from 63,000 square feet in the <br />initial five-year period to 320,000 square feet during the 2020 to 2025 time period. This estimate <br />results in estimated 49 acres at 15,000 square feet per acre. <br /> <br />Period <br />2005 - 2009 <br />2010 - 2014 <br />2015 - 2019 <br />2020 - 2025 <br />Total <br /> <br />Source: McComb Group, Ltd. <br /> <br />Table vi <br /> <br />OFFICE SHOWROOM DEVELOPMENT POTENTIAL; 2025 <br />ESTIMATED ABSORPTION AND ACRES <br />(In Thousands of Square Feet) <br /> <br />Metro <br />Area <br />5,005 <br />6,387 <br />8,152 <br />12,807 <br /> <br />Southwest <br />Submarket <br />(0) 25% <br />1,251 <br />1,598 <br />2,038 <br />3,202 <br /> <br />Acres <br />@ 15,000 <br />Sq.Ft. <br />5 <br />8 <br />14 <br />22 <br />49 <br /> <br />Prior Lake <br />Percent Sq. Ft. <br />5.0 % 63 <br />7.5 120 <br />10.0 203 <br />10.0 320 <br />706 <br /> <br />Xl <br />