Market Intelligence

Minneapolis CBD Office Market Second Quarter 2018

Inventory

Total Direct Absorption (Square Feet)

Minneapolis CBD Area Map

400,000

300,000

6%

694

169

94

200,000

100,000

394

0

MINNEAPOLIS CBD

53%

41%

(100,000)

(200,000)

(300,000)

494

(400,000)

35W

(500,000)

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 2014 2015 2016 2017 2018

Direct Vacancy Rate

Minneapolis CBD Office Market Statistics 2018 Q2

Class C

Class A Class B

35%

PERCENT VACANT

% VACANT W/ SUBLEASE

2018 YTD TOTAL AVG RATE TOTAL OE & T

MPLS CBD TOTAL # OF

BUILDINGS NRA VACANT SPACE SUBLEASE SPACE

30%

25%

Class A

25

14,278,100 2,067,920

58,707

14.50%

14.90% 78,282

$18.63

$14.58

20%

15%

Class B

57

11,062,745 2,908,093

87,443

26.30%

27.10%

23,154

$15.23

$10.99

10%

Class C

29

1,699,252

256,328

29,530

15.10%

16.80%

-2,336

$13.99

$8.08

5%

0%

Total Minneapolis CBD

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 2014 2015 2016 2017 2018

111

27,040,097 5,232,341

175,680

19.40% 20.00% 99,100 $17.05

$12.83