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Economic Analysis 30 <br />Commercial Land Site - SWC of Middle Street and Market Place Drive <br />Retail Market Analysis <br />Classification <br />The subject is in the Suburban St. Paul submarket of the Minneapolis market. Because the <br />property is vacant land and its highest and best use is retail, statistics for the applicable retail <br />markets are presented below. <br /> <br />Period Minneapolis <br />Suburban St. <br />Paul <br />Q1 2016 96.4% 95.8% <br />Q2 2016 96.8% 96.2% <br />Q3 2016 96.9% 96.4% <br />Q4 2016 97.1% 96.8% <br />Q1 2017 97.2% 96.8% <br />Q2 2017 97.3% 96.7% <br />Q3 2017 97.2% 96.5% <br />Q4 2017 97.4% 96.8% <br />Q1 2018 97.2% 96.7% <br />Q2 2018 97.2% 96.7% <br />Q3 2018 97.1% 96.8% <br />Q4 2018 97.1% 96.5% <br />Q1 2019 96.9% 96.4% <br />Q2 2019 96.8% 96.5% <br />Source: Costar; Compiled by NKF Valuation & Advisory <br />Occupancy Rate <br />90.0% <br />91.0% <br />92.0% <br />93.0% <br />94.0% <br />95.0% <br />96.0% <br />97.0% <br />98.0% <br />99.0% <br />100.0% <br />Q1 2016 Q4 2016 Q3 2017 Q2 2018 Q1 2019 <br />Minneapolis Suburban St. Paul