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Growth Characteristics of the Northeast Metro <br />Related to Commercial /Industrial Development <br />Office and Industrial Space Absorption (Multi- Tenant Space) 1998 -2005 <br />Absorption of commercial and industrial space has been slow over the last seven years in the <br />northern portion of the metro area. Chart 5 -3 shows that the amount of space absorbed has <br />been relatively flat for each property type with the exception of office space, which has seen a <br />nearly 50 percent increase in the amount of occupied space. Compared to the remainder of the <br />metro area, however, the amount of office space in the northern metro is minimal. Therefore, <br />even modest increases in the amount of office space appear as large percentage increases. <br />Another important point that the chart displays is how much office /warehouse space dominates <br />the market in the northern metro. Even if one were to add together office, office /showroom, and <br />bulk warehouse space, it would not add up to office /warehouse space. <br />Chart 5 -3: Occupied Office and Industrial Space <br />9,000,000 <br />8,000,000 <br />7,000,000 <br />6,000,000 <br />co <br />CI rn <br />0 5,000,000 <br />LL <br />4,000,000 <br />3,000,000 <br />2,000,000 <br />1,000,000 <br />0 <br />Occupied Office & Industrial Space <br />Anoka County and the Northeast Metro <br />1998 -2005 <br />Office/Warehouse <br />Office Space <br />7,629,840 <br />3,156,593 <br />2,399,438 <br />j 1,753,358 <br />Bulk Warehouse Office /Showroom <br />1998 1999 2000 2001 2002 2003 2004 2005 <br />Source: Colliers Turley M artin Tucker M arket Report <br />5 -6 <br />• <br />• <br />• <br />