5.6. EDSR 07-14-2008 - Laserfiche WebLink

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lNfO~~~~ ~~ -~ aver MEMORANDUM TO: Economic Development Authority FROM: Catherine Mehelich, Director of Economic Development l DATE: July 14, 2008 SUBJECT: Market Information Articles Attachments • "Market Research -Industrial", Colliers Turley Martin Tucker, First & Second Quarter 2008. • "Market Research -Retail", Colliers Turley Martin Tucker, First & Second Quarter 2008. • "Retail story this year is the survival of the fittest", Commercial Real Estate Guide, Spring 2008. • "Master planning goes retail - An Overview of Market Trends", Ryan Development. • "Fast entry for Sonic; franchisee Border Foods plans 35", Minneapols-St. Paul Business Journal, June 13, 2008. The attached articles are provided to the EDA as market informational items Based on conversations staff has had in the recent months with metro area developers, the reports seem to validate their hesitancy in entering the market, particularly the retail market, with new buildings or large capital projects. That said, as an opportunity for Elk River, one of the articles by Nancy Frykman, second vice president in Retail Sales & Leasing division at Colliers, anticipates some opportunity along the Northstar rail indicating that "the 3-block radius surrounding rail stations will be the location to pursue, particularly for service and quick service concepts." In addition, Ms. Frykman indicates that retailers are likely to pursue development opportunity that includes LEED certification and government credits as a means of cost reduction. While this information indicates a slowing in development activity, at the same time it poses as an opportunity to undertake master planning to position the areas for the desired types of development rather than being in a position of reacting the first proposal (see "Master planning goes retail" article). Also attached is a related article on the anticipated opening of Sonic drive-in restaurant in Elk River.