|
'Vlore trotll~ling news for d t: hivh-tech in,unr
<br />factui in,, area carne out in arid-A,'Carch. In the
<br />saiue week that die state announced exports
<br />fen the fourd quarter of 200 i were at a re-
<br />t:ord High, bout 31v1 and Medtronic dampened
<br />the mood. 3~~i announced dle5~ will be mov,
<br />ing die optical systems ;livisioli from their
<br />.'Ylaplewood huadgLrarters to f~fong Kong. -I'he
<br />nest day' Medtronic anilotlnced it would be
<br />t-acting n~ianut~LCr.urin~ rests by 25`% over rlle
<br />nest ft~e years and shift tuanui<ICturiu~; jc)bs
<br />t0 .~1(: XLCO.
<br />One developnu_nt kxrking to take advantage o~l~
<br />the growth L~f the rued-tech sector is the newly
<br />alli10Ur1Ced ~IiS.nf'SOta liinov~a tlOn Center.
<br />'This development will be a rese,lrch and teclL-
<br />nolo;y park located near the L?niversiry cif
<br />>vdinnt sofa. The first phase of rile develt7pmer.it
<br />will be ?51,000 S~' on ll acres, with ultimate
<br />goal of 1.6 million SI= on 65 acres.
<br />Tile first quarter re~~istered ne calve absc)rp-
<br />tion of 83,071 S1~ market wide. 'l~he submit
<br />bets on die East side of the metro performed
<br />in the pt:)sitive ft~r the first tluarter, wl ile the
<br />West metro was in the negative. One third
<br />of the absorption in the. St Paul/l~ortlieast
<br />market c:a.rl lx: attributed to Tul)e Teehrn~lc~~,ies
<br />moving inl:o hiver Road Industrial Center, the
<br />state's large st industrial building.
<br />~X~hen viewing the absorption data by pre>duct
<br />type, bulk evarelu}use is the. leader, register-
<br />Ln~ yt),~73 tit Of al:)SirptiOCl I.I"I dle iltlal'ter.
<br />Varaitcv fell from Lf.B°./o to 17.6%. Office
<br />warehouse «Tas relati~-ely flat with a positive
<br />110,655 y}~, V;ac:a.neyro~r_ slightly froriL 8.St'.~o to
<br />8.C)°,'o, 1)ut this is due to the 35j13 Crossings,
<br />a new '180,000 SF ilevclopinent in Burnsville.
<br />i7ffice showrtx)rn was flit, the hardest witl~l a
<br />-, r--;q
<br />negativu<.{hsorpt)orl of 7~ ~~, `!h. ~arancy~~l~c~r
<br />office, sh~wruonl space climbed from I~.O°.io to
<br />1.3.3`% Ch-era11 vir,ancy for the rnxrket climbed
<br />from 1 LO°,t~ to 1 l.?%_
<br />Tenants cY:)ndnue tc) give feedback tl~l~it rlley
<br />are facing uncert~liit times with respect to their
<br />busint .s environment and theref~~re are look-
<br />ing for shorter term sohrtions to meet their
<br />real estate needs. 1~hi, has resuh:ed in many
<br />shorter than normal renewals of leases in t'he
<br />marketplace.
<br />Scott County 13.8%
<br />Southwest Sector 10.5%
<br />Anoka County -.6%
<br />St. Paul 7.5%
<br />Twin Cities Metro _6.4%
<br />Washington Metro 6.1 %
<br />Minneapolis i.4%
<br />Dakota County 3.3%
<br />Northeast Sector 3.3%
<br />Northwest Sector 3.3%
<br />PROPERTY NAME CITY, STATE $/SF YEAR BUILT
<br />Northdale Construction Co Facility Rogers, MN $360 1985
<br />13931 Sunfish Lake Blvd NW Ramsey, MN $67 1995
<br />Shady Oak IV Eden Prairie, MN $64 1984
<br />Normandale Tech Center Bloomington, MN $64 1980
<br />Park Industrial Village Plymouth, MN $58 1979
<br />Kasota Industrial Portfolio Minneapolis, MN $55 1976-77
<br />522 19th St SW Forest Lake, MN $55 1991
<br />Southpoint Crossings Business Park Bloomington, MN $48 1978
<br />5401 Smetana Dr Minnetonka, MN $48 1977
<br />1507 E Franklin Ave Minneapolis, MN $44 1946
<br />9702 Newton Ave S Bloomington, MN $42 1974
<br />World Wide Distribution Center Bloomington, MN $35 1965
<br />PROPERTY NAME TENANT CITY, STATE SF
<br />13201 Wilfred Lane N Walgreens Rogers, MN 335,674
<br />Wickes Distribution Center Wagner Spray Tech Brooklyn Center, MN 116,000
<br />River Road Industrial Center Tube Technologies Fridley, MN 64,121
<br />Minneapolis Business Center Pinta Foamtec Minneapolis, MN 48,208
<br />Moundsview Business Park A Empirehouse Mounds View, MN 32,719
<br />Minneapolis Business Center G&K Services Minneapolis, MN 32,314
<br />Nathan 54 Commerce Label Plymouth, MN 22,036
<br />
|