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Industrial Market: <br />The Twin Cities Industrial market is currently running at 11.07 % vacancy rate. The <br />North and North East Industrial Market is about 11.00% vacancy which is everything east <br />of Mississippi River. Currently only one building in the Twin Cities was delivered in the <br />first quarter which was 14,509 sf industrial building. <br />Construction of new industrial buildings remains slow because lack of demand from <br />users and getting capital to do the project. <br />Getting financial for new or old buildings still remain a problem and people are finding <br />the process slow and banks are wanting more equity down and with strong financial <br />statements by owners and or partners. <br />This site in Little Canada still has its problems with soil conditions that need to be <br />corrected and the cost to do is sill expensive. Banks are very cautious of giving money <br />for sites like this because of the unknown as to the cost to improve and possible <br />additional costs over runs. <br />Getting the rent to cover these additional costs cannot be done in this market today. <br />Owners have a lot of options in the market to buy or lease and will continue this way for <br />2 to 3 years. <br />At this time the best use for the facility is to he used as a warehouse facility and have use <br />the land for outside storage and use the rail line into the site. <br />3 <br />