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Regional Data —continued <br /> COMMERCIAL REAL ESTATE - Vacancy Rates for Major Building Types <br /> I TWIN CITIES METRO RENT&VACANCY <br /> •AVERAGE MONTHLY RENT • VACANCY <br /> $1,200- <br /> $10S3 <br /> 79E <br /> $1,000 <br /> 6% <br /> $800 <br /> 596 <br /> $600 4% <br /> $400 3% <br /> 29E <br /> $200 <br /> t% <br /> $0 `05 '06 '07 08 109 10 11 '12 13 '14 SEP is O <br /> 50ur[e:Marquette Advisors <br /> Apartment vacancy declined significantly from 2009 to 2014 and remained relatively stable in <br /> 2015. New construction is taking place in good quality and built-up markets. Despite the <br /> increased number of units, vacancy has remained at/near historic lows with rental rates <br /> increasing slightly. <br /> ABSORPTION, <br /> • ABSORPTION • CONSTRUCTION •VACANCY <br /> 3.5M 14% <br /> 3.17 3.10 <br /> 3M =2.89 12:G <br /> 10.1 9-S <br /> 2.5141 23 109. <br /> 2.04 7.9 8.4 83 <br /> a 2M 7.1 8% <br /> w 6 0.33 lb <br /> 10,74 <br /> 6.6 <br /> it <br /> Wf.3 5.7 11-12 <br /> 1M 0.93 0.90 0:924% <br /> 0.69 <br /> 0.37.5M ,432 2% <br /> . <br /> 0.260.17 0.19 <br /> oM I 0% <br /> 0.20} <br /> (.5M) 2%1200S 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 <br /> Saurte:Cushman 8 Wak06e dM6,tMMarq <br /> The retail market has recovered and is now showing signs of growth. Vacancy has decreased <br /> consistently for the last several years. <br /> Nagell Appraisal&Consulting 1 952-544-8966 1 www.callnagell.com 11 <br />