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Regional Context This portion of the Comprehensive Plan presents a brief overview of key indicators about the economy of the Twin Cities and how it relates to the economic vitality of Lino Lakes. With numerous sites that have strategic access to Interstates 35W and 35E, Lino Lakes is in an advantageous situation and over the life of this plan, the regional profile of Lino Lakes will increase among the commercial /industrial development community as its population grows and competing sites closer into the Metropolitan Area's core are developed. Office and Industrial Space Absorption (Multi- Tenant Space) 1991 -2005 Chart 5 -1 shows that the Twin Cities Metro Area has absorbed just over 56 million square feet of office and industrial space during the past 14 years, an annual average of nearly 4.8 million square feet, or an annual growth rate of 5.2 percent. Office- warehouse space, which has been historically indicative of the manufacturing sector, grew by 40 million occupied square feet between 1991 and 2005 (13.0 percent annually), followed by office space, which grew by 16 million occupied square feet (2.4 percent annually). The overall strong growth in office - warehouse space with its intermittent peaks and valleys is more reflective of a changing office market than growth in the manufacturing sector. As the most accessible sites become cost prohibitive for many businesses with office workers, office - warehouse properties in traditionally industrial locations have become increasingly popular. Chart 5 -1: Occupied Office and Industrial Space in the Twin Cities Occupied Office and Industrial Space in the Twin Cities 1991 -2005 Square Footage 70,000,000 - 60,000,000 - 50,000,000 - 40,000,000 30,000,000 20,000,000 10,000,000 - 0 Abso rption '91=05 Total Annual Offce/W are 39,407,275 2,814,805 Office 15,895,353 1,135,382 Bulk 7,795,656 556,833 Office /Show 4.051.184 28 370 67,149,468 4,796,391 Office Space Office/Warehouse Office /Showroom Bulk Warehouse 56,073,802 49,678,361 15,637,141 13,760,787 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 5 -4 • • •