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Economic Analysis 33 <br />Commercial Land Site - SWC of Middle Street and Market Place Drive <br />Construction Versus Absorption <br /> <br /> Over the past five years, absorption has outpaced construction in both the overall <br />market and in the submarket. <br /> Over the past three years, 3.9M square feet of retail space has been delivered in the <br />Minneapolis market. Approximately 1.1M square feet of this space was constructed <br />in the Suburban St. Paul submarket. <br />Market Conclusion <br />Positive Attributes Negative Attributes <br /> Rent growth has been steady in both the <br />market and submarket. <br /> Retail vacancy has remained stable over <br />the past two years. <br /> <br /> The full effect of Covid-19 on the <br />Minneapolis retail market is yet to be <br />realized. <br /> <br /> <br /> <br />Market / Submarket <br />SF Built SF <br />Absorbed <br />Const. / <br />Abs. Ratio SF Built SF <br />Absorbed <br />Const. / <br />Abs. Ratio SF Built SF <br />Absorbed <br />Const. / <br />Abs. Ratio <br />Minneapolis 936,691 565,789 1.7 3,902,037 3,392,106 1.2 7,218,391 9,166,169 0.8 <br />Suburban St. Paul 220,582 146,710 1.5 1,091,925 796,964 1.4 2,077,303 2,509,593 0.8 <br />Source: Costar; Compiled by NKF Valuation & Advisory <br />Prior Calendar Years History <br />Construction/Absorption Change <br />Prior Calendar Year History Prior Three Year History Prior Five Year History