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<br /> Page 24 Nagell Appraisal Incorporated | 952.544.8966 <br />Market Conditions Overview – continued <br /> <br />Market Supply <br />Search Parameters: Source: CoStar <br />Property Type: Commercial Location: Ramsey County <br /> <br />Search Results: Currently, there are 35 offerings/available properties <br />Market Absorption <br />Search Parameters: Source: CoStar <br />Property Type: Commercial Location: Ramsey County <br /> <br />Search Results: 21 sales within the past year <br />Supply & Demand: <br />Considering the above market data/statistics, and based on market <br />observations, the subject market appears to be in balance (there are <br />about 20 months of inventory available). <br />Subject Market: Likely investor purchase for redevelopment <br />Marketing Time: Market exposure times can vary based on seller motivations; <br />Typically 6-24 months. <br />Market participant comments/ observations: <br />General Comments <br />Apartments – Cushman & Wakefield Minneapolis Market Report <br /> <br />Minneapolis is in the midst of an economic expansion phase with job <br />growth rates projected at 1.8% and 1.3% annually through 2019. <br /> <br />Strong In-migration from St. Cloud, Chicago and Duluth will continue to <br />create demand for apartments throughout the market. <br /> <br />Minneapolis will continue to be a leader in the Midwest due to its diverse <br />set of economic drivers, including corporate innovation, highly educated <br />labor force and healthy consumer demand. <br />Overall Market Condition: Stable with growth <br /> <br /> <br /> <br />