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t I I AVERAGE ANNUAL OFFICE ABSORPTION (Thousands of Net Square Feet) period Metro N.E. Roseville - 1970-78 1,688 121 0 1978-82 4,308 317 4 1982-85 3,681 162 32 1985-90 2,900 300 90 1990-95 2,200 320 100 1995-00 1,400 220 65 Source: R.B. Sollie and Associates (Table 18, page 19) The office use supply and demand figures through the-year 2000 for Roseville are as follows: PFS-6 - Over/ Demand Study Area T.L. plan Total Under 1986-2000 Supply Supply Supply Supply 1,275,000 905,000 545,000 1,450,000 175,152 (551,712) Roseville, Minnesota Office Use Forecast - Supply/Demand t The above table suggests that there is an over accommodation of land being targeted for office space development in the City on a long range basis. Within the last two years according to the City staff only one major office space of 46,000 square feet was constructed (Oak Crest). This is approximately one fourth of the projected 90,000 square foot annual demand. Additionally, the "Center point project" has been identified as a key office development proposal for the Twin Lakes Area. Located adjacent to 1-35, this highly visible site which is proposed for buildings accommodating approximately 660,000 square feet of office.space by woodbridge properties, is on hold due to lack of demand. The Developer has indicated additional construction will proceed, "when and if" demand is realized. To date, only approximately ten ( 10) percent of the project has been implemented. This situation makes questionable the overall City project for office demand and the 37.5 percent of supply suggested by the Twin Lakes plan. Office/Warehouse: Roseville can expect to absorb 1,000,000 square feet of office/warehouse space from 1986 to 2000. This will mean approximately 100,000 square feet per year from 1986 to 1990, falling to 60,000 square feet annually from 1991 to 1995, and dropping finally to 40,000 square feet per year between 1996 10 I '. R-0002680