Laserfiche WebLink
Subject Market Overview -- continued <br /> COM 'PASS <br /> LAND MARKET <br /> MULTI-FAMILY <br /> •Land prices for the best•bcated multi-family projects continued to Maras demand for <br /> neva,high reache ty apartments remained stre o t Cpsf indowntownthe town builds pos t for <br /> instance,reached as high as S160 per square fit(paf}astheeasilybuildablesites have <br /> all but disappeared,leaning on I y more com p Iicated and expensive s Re s. $160 psf <br /> •5omesitesIhathadformerlybeenplannEdforoficedevelopmEntarenowswitching Ir. dowr;towr Nlirr.c-apo 5 <br /> over to m u h i-family uses.5ome examples of this include Norman Pointe in B bom i ngton <br /> aid the west End in St.Louis.Park. <br /> RETAIL <br /> •The grocery sector continues to expand as relative market newcomer Hy-Vee continues to look for neva store sites. <br /> Another sign of retail strength is robust land demand for neighborhood scale,in-line retail strips—which are generally <br /> 10,000-to 1SODO-sf,one-story multi-tenant buildings.For the first time in recent memory,developers oft his product type <br /> are veryact ive. <br /> •Meanwhile,retail is also getting a boost by the coming of major mixed-use redevelopment projects such as Central Park <br /> Commons in Eagan and City Place in Woodbury. <br /> OUTLOOK <br /> Industrial land transactions are expected tocontinuetheirhot pace,likely for the next 24months,aswill land <br /> deals forafordableand market-rate multi-family projects in"class A"locations. <br /> Potential developers of newoffice product,meanwhile,are jockeying for land positions in and around top suburban <br /> kxations,leading to the Iikelihoodthatat least some newspeculative ofice will emerge in the near future.Likely <br /> locations include the southwest metro market,the Interstate 394corridorandthe west End area of 5t.Louis Park. <br /> Land appetite for retail development will also likely remain robust as developers continue to keep up <br /> with housing expansion further out into the suburbs.This retail development will likely follow new <br /> housing development. <br /> Meanwhile,some metro-area cities that have remained resistant to opening up land for market-driven demand such <br /> as industrial and single-family home development will likely remain under pressure to do so.For instance,Lake Elmo <br /> has recently moved to allow more development and Dayton has approved warehouse-di stri but ion land uses and <br /> more single-family residential developments within its borders. <br /> • <br /> THE COMPASS REPORT CUSHMAN&WAKEFIELD{NORTHMARG <br /> . __.. .. •.••. .:.'a3,Wr_- _ _. ..__ .5 .. :]' _-. ._.sy,:,mJ aa.3s..r,rs:::... .....'t Y-.a <br /> Ranked#1 <br /> f More than$2,3 billion ta-s3rto-s a--__ , CUSHMAN & <br /> 11111h WAKEFIELD <br /> 43 rnaf daxsets. de'ma qv ■=t 1 rk17 Iart� <br /> a Top Places to Wo rk�,3.n z— _._-- = ':J P4 s.toe <br /> • Employs nearly 500 v�fessa-a s aahwakan ncaam <br /> 20 Nagell Appraisal&Consulting 1 952-544-8966 1 www.callnagell.com <br />