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<br />tonstruction Completions ��,P,�,;o�,,�o �,o,�oSF
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<br />The 3'd Ouarter pasred a negarive net absorption of 37,105. 2009
<br />year-to-date net absorption, however, is a negative 664,985 Sf
<br />mmpared ta a positive 114,000 SF ihroughout oll of 2008. bsking
<br />rates have continued fall as a funcii�n uf inueased vatanry.
<br />A#oral of 60,000 SF of spoce has 6een delivered in the fi�ird quarter of
<br />20�9, with 448,000 Sf under conshuctinn. ihe largest project sn 1he
<br />nrea remains the West fnd Uevefapment in St. Louis Park wirh
<br />350,000 SF scheduled io open in Octo6er 2010. The life-style
<br />�evelopment includes a 2"� floor mavi� theatre, o Rain6aw Foads
<br />gro�ery (opert}, Noodles 8 Company, various retpil shops und
<br />ReStaurants ond over nne million Sf of office space.
<br />Vacanty r�tes increased in rhe third quorter to 8.1 °/o. Av�ilnbiliry hos
<br />increosed to 4J °/o in the third quarter of 2009 fram 9.4 °/o in the
<br />seco�d quarter af 20D9. Lorger, grocery anchored centers hov� farad
<br />be5t an� smaller 2°d-tier 6uild'€ngs hove had trou�le filling vatancies.
<br />Vacanry a�d availabiliry rotes shoald stay level due to holted new
<br />�on�trv�tion; however, the dispariiy 6efween 1�' and 2°d tier buildings
<br />will m�ttinae to increase.
<br />�;' 2069, C8 P,ichord Ellis, Inc.
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