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r~~; <br />~i <br />~i~ <br />~\ <br />~~; <br />r ~~. <br />r <br />~~.~ <br />~~ <br />~~~ <br />,: ~.~ <br />~~ ~~ <br />MARKET INDICATORS <br />Q3 08 Q4 08 <br />Actual Estimated <br />VACANCY RATE y -~ <br />NET ABSORPTION T y <br />CONSTRUCTION ~ y <br />RENTAL RATE T -~ <br />SIGNIFICANT TRANSACTION <br />TURLEY <br />MARTIN <br />TUCKER <br />.,.~_.- .,,dWC1~.trr+iS19W6W49 <br />Commercial Real Estate Services <br />OFFICE ~ THIRD QUARTER ~ 2008 <br />Market Remains Flat, in a Good Way <br />Tl:te T~~-irt C;itres Office market contint.les <br />to remain relatively flat. -l~he market experi- <br />enced. positive absorption for the. first time <br />this year, with 360,089 Sl:, but leavr.s year-tc~- <br />datc absorption figures at: a llegativc 107,956 <br />SF, oz vacancy of 171°,4,. A`illren the single <br />Cenatlt ~1?ai: E' 1S al:lded lllto the Vila, ~'ai:a llCy <br />is at 1=~.9%,. <br />Tl~te Mirltleal?olis CI31) led tl~te way wirlt ab- <br />srn-ption of 297,154 51~. Ckass A ;aw 148,23 7 <br />SF and i'.lass B contributed another 219,742 <br />Sl~. Mtua~t of this absorption call be attrila- <br />uted co Virchow Kraus moving inti> 22.5 <br />South Sistll, UR.S moving into Fifth Street <br />Towers, and Hettnel>in County taking ~l'>are <br />at 701 South 4th lwe, atnon« others. Ou t:he <br />negative side, Fair Isaac is offering up two <br />f loor•, or 36,000 SI~, of space for sul>lease in <br />the i"l~I~&T ~Ii~wer. <br />i5 <br />a , _. <br />EO <br />Southwest Sector 22.6% <br />Washington County 21.1% <br />Northwest Sector 21.0% <br />St. Paul CBD 21.0% <br />Twin Cities Metro ~ IS.O% <br />Northeast Sector 14.4% <br />Minneapolis CBD 14.2% <br />Dakota County 9.4% <br />Minneapolis Non-CBD 8.7% <br />Anoka County 8.3% <br />West Sector 8.0% <br />St. Paul Non-CBD 4.2% <br /> ;,f,, c;<ii<<;, <br />Class ~1 space has continued a steady dt- <br />crease of vacancy for the past two years, <br />falling from 1.4.9"lo down to 1.2.4"o Class <br />L7 has follo~c~ed the same trend, dropping <br />front 23.4%> d.own to 18.6°ti,, while Class <br />t:; 1t.as been the reverse, risin; front 15.7`4, <br />to 19.4°./~. _I_he Warehouse: District has re- <br />4 1 1 1 1 1 1 1 1 r~ 1 <br />1 ' 1 <br />_2 <br />-~ <br />QI Q2 Q3 Q4 QI Q2 Q3 Q4 QI Q2 Q3 Q4 QI Q2 Q3 Q4 QI Q2 Q3 <br />200 2005 2006 2007 2008 <br />^ Absorption -- Vacancy Rate <br />Absorption Class A Vacancy Rate Class A <br />Normandale 8400 Tower <br />Bloomington, MN <br />Lessee: Prime Therapeutics <br />Size: 150,000 SF <br />