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Industrial Trends <br />Over the past five years, Sherburne County, and subse- <br />quently Elk River, has seen consistently more affordable <br />rental rates for industrial property than the Twin Cities <br />region. Lower rental rates make Sherburne County more <br />attractive for businesses looking for space in the Minne- <br />apolis/St. Paul region. Sherburne County has also seen a <br />trend in increasing vacancy rates over the past five years. <br />Despite this, vacancy has continued to consistently remain <br />below 4%. The county also sees a lower vacancy rate on <br />average than the neighboring Twin Cities regional market. <br />Trends in the industrial market indicate a demand for <br />additional space be set aside for continued growth in this <br />sector. <br />Industrial Vacancy Rate <br />2015 2016 2017 2018 2019 2020 <br />■ Twin Cities Regional Market ■ Sherburne County <br />Source: CoStar; Houseal Lavigne Associates <br />Industrial Submarket Overview <br />I. Benton County <br />2. Chisago County <br />3. East <br />4. Isanci County <br />5. Midway <br />6. Minneapolis <br />7. North Centtral 12. Southwest <br />8. Northwest 13. St Croix County <br />9. Pierce County 14. St Paul <br />10. Sherburne County I S. Stearns County <br />11. South Central 16. Wright County <br />■ Twin Cities Regional Market ® Sherburne County <br />Source: CoStar; Houseal Lavigne Associates <br />Industrial Market Rent Per Square Feet <br />$ 7.4 <br />$ 7.2 <br />$ 7.0 <br />$ 6.8 <br />$ 6.6 <br />$ 6.4 <br />$ 6.2 <br />$ 6.0 <br />$ 5.8 <br />$ 5.6 <br />$ 5.4 <br />2015 2016 2017 2018 2019 2020 <br />■ Twin Cities Regional Market ■ Sherburne County <br />Source: CoStar; Houseal Lavigne Associates <br />Elk River Comprehensive Plan • Community Context <br />DIMITI ada0]C1C0: WI:OW97111k1Will <br />15 <br />