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Last modified
7/17/2007 9:25:33 AM
Creation date
5/13/2005 4:37:49 PM
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Roseville City Council
Document Type
Council Resolutions
Resolution #
10285
Resolution Title
AUTHORIZING CONTINUATION OF THE CONTRACT FOR EXCLUSIVE NEGOTIATIONS BETWEEN THE CITY OF ROSEVILLE, MINNESOTA AND THE ROTTLUND COMPANY, INC. FOR THE TWIN LAKES REDEVELOPMENT AREA
Resolution Date Passed
3/14/2005
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<br />TWIN LAKES, Roseville, Minnesota <br />Market Assessment & Demand Analysis <br /> <br />Office Market Assessment <br /> <br />10% of the Twin Cities 69,361,419 square-foot office universe. It is important to <br />note that this universe, as calculated by United Properties, includes only space that is <br />rented or available for lease, thereby excluding corporate (owned) office space. <br /> <br />. United Properties reports a 2004 year-end office vacancy rate of 14.4% for the <br />Northeast Sector (including sublease space), with a total of 994,500 square feet <br />available in the submarket. This vacancy rate compares favorably with the regional <br />vacancy rate at 20.7%. <br /> <br />. The Twin Cities office market bottomed out in 2002 and 2003, and has entered a <br />period of recovery. 2004 is the first year of positive absorption since 2001. <br /> <br />. The Northeast Sector's vacancy rate of 14.4% is the lowest among all sectors in the <br />region. Nonetheless, there is still excess vacancy in the market, as office-related <br />employment growth continues to be a lagging indicator in the region's economic <br />recovery. A market is generally considered to be in balance when office vacancy is <br />approximately 7.0%. On this basis, we estimate that another 475,000 square feet of <br />office space will have to be absorbed in the Northeast Sector to reduce the vacancy <br />rate from 14.4% to 7.0%. <br /> <br />. The Twin Cities market has absorbed an average of 795,000 square feet per year <br />since 1995. Between 1995 and 2004, the Northeast Sector captured 18.6% of <br />regional office space absorption, or about 148,000 square feet per year. Regional <br />office space absorption in 2004 was 522,000 square feet, with 104,000 square feet <br />absorbed in the Northeast Sector. <br /> <br />. GV A Marquette Advisors assembled current market data on a sample of Class A and <br />B office buildings in Roseville, New Brighton, Shoreview, Arden Hills and St. <br />Anthony. Our survey revealed a vacancy rate of 9.7% in the immediate market area <br />(thereby excluding other more eastern and northern communities in the Northeast <br />Sector). These buildings reported positive absorption of 273,000 square feet during <br />2004. Net rental rates for Class A space range from approximately $8.00 to $16.00 <br />psf, while Class B rates range from about $8.00 to $14.00 psf. <br /> <br />. Much of the multi-tenant space in Roseville and adjacent suburbs is quite old. The <br />largest Class A multi-tenant building constructed nearby in recent years is the <br />Broadway Ridge facility (180,739 sf) in Roseville, brought to market in 2000. Today <br />that building is just 0.5% vacant with an average net rental rate of $16.00 psf. <br /> <br />. The job market will fuel the office market recovery. Job growth has returned to the <br />region, with about 15,000 jobs added during 2004. Projections by the Federal <br />Reserve Bank of Minneapolis indicate that 2005 regional job growth should slightly <br />exceed that of 2004. Economists at the Federal Reserve and elsewhere have predicted <br />annual job growth of 25,000 to 30,000 jobs long-term. This is a substantial <br /> <br />GV A Marquette Advisors <br /> <br />Page 49 <br />
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