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ECONOMIC DEVELOPMENT OPPORTUNITIES Page 9 ,july 1987 • In this area, there are four express routes: two north-south(1-35 and State Hwy 100 and two east-west(1-494 and County Rd 62). These routes not only make travel within the area efficient,but also provide goad access to the remainder of the metropolitan area. ® Housing and commerical operating costs are very competitive with those In other parts of the Twin Cities metropolitan area. ✓ In 1986,average home prices in the northern suburbs were about 75.00 of that in the southwest suburbs. They were about 10% higher than the average for the city of Minne- apolis. The average price for a single family home was about$80,000 in the northern suburbs, $110,000 in the southwest suburbs and about$73,000 in Minneapolis.1 ✓ Business occupancy costs are between 60X and 80%of what they are in other parts of the metropolitan area. For example, the average cost per square foot for office space is about $14 in the northern suburbs. Along 1-494,the average cost is almost$17 and in down- town Minneapolis It is almost$23 per square foot.2 • Office development is on the rise,allowing the region to compete for the Twin Cities fastest growing businesses. However, larger office complexes are still rare by comparison with other parts of the metropolitan area. ✓ Recent office construction means that more residents can work where they live rather • than commuting to another part of the region. For example,major office developments are planned or under construction in Blaine, Brooklyn Center, Brooklyn Park,Coon Rapids, Fridley, Maple Grove and Shoreview. ✓ Recent construction could be just the beginning for office development. In cities like Anoka,Andover,Coon Repids,Brooklyn Park and Maple Grove over 35% of working residents commute to the cities of Minneapolis or St. Paul or a suburb outside their county of residence for work.3 Over 60% of the commuters from these cities are office workers.4 Their employers might find a north suburban location attractive because employee travel time ana occupancy casts are less than for locations eisewnere in the i win Cities metropolitan area. ✓ As of December 1986,there were only 16 multi-tenant.commerical or corporate office buildings with at least 30,000 square feet of rentable space in the northern suburbs. There were 132 such buildings in the southern and western suburbs,80 in Minneapolis and 40 in St. Paul. The total rentable space was about 1.1 million square feet in the north,over 14 million square feet in the south and west,about 16 million square feet in Minneapolis and almost 6.5 million square feet In St. Paul.s (Note: Medical professional buildings,buildings occupied by a single tenant,combined office/warehouse buildings, office condominiums and government owned and/or occupied buildings are.excluded from this data.6) ✓ The region lacks some of the major private amenities that would help attract large-scale office complexes. Most notable by its absence is.a large hotel/restaurant complex. The • RLAZAR RESEARCH