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Multi-Tenant Office Leasing Activity Remains Consistent, Rates Flex with Trends

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Multi-Tenant Office Leasing Activity Remains Consistent, Rates Flex with Trends Research & Forecast Report > OFFICE MARKET REPORT MINNEAPOLIS-ST. PAUL | Q3 2019 Multi-tenant Office Leasing Activity Remains Consistent, Rates Flex with Trends VACANCY AND ABSORPTION TRENDS Q3 MARKET INDICATORS The quarter three Minneapolis-St. Paul multi-tenant office market NET ABSORPTION closed with a positive absorption of 156,000 square feet and a vacancy rate of 14.9%. Vacancy rates have hovered at the same point since 156KSF the first quarter of 2019. The greatest amount of positive absorption occurred in Minneapolis CBD Class B office product, which gained 157,000 square feet. Another high performing submarket was the West/ Northwest, where Class A office space positively absorbed 51,000 VACANCY RATE square feet. Both aforementioned submarkets that experienced positive absorption in Q3 are amenity rich, with landlords willing to renovate 14.9% or provide modern, creative offices. Overall market trends in Q3 show stable leasing has increased rental rates from $15.36 in Q2 to $15.46 in Q3. These increased rental rates have prompted landlords to follow an W/ SUBLEASE emerging trend of creating spec-suites within smaller vacancies which VACANCY has proven to be a popular move-in ready solution for tenants. SUBMARKET INSIGHTS 16.0% In its entirety, the Minneapolis CBD positively absorbed 91,000 square feet, which was mostly the result of active leasing in the newly renovated Baker Center, which acquired tenants, Foodsby for 35,000 AVG QUOTED RATES square feet and 8x8 for 34,000 square feet. Also, the renovated office PSF at 700 5th Street took in Identifix for 55,000 square feet. Negative $15.46 absorption in the CBD continues to result from existing tenants looking to downsize and consolidate. Class A CBD asking rents increased from $20.27 in Q2 to $20.42 in the third quarter, with landlords flexing their muscles given the high demand for space. However, the overall average CONSTRUCTION asking rent in the Minneapolis CBD dropped in Q3 to $17.77 with asking 1.7MSF rents for CBD Class B and Class C bringing down the average. The vacancy rate in the Minneapolis CBD ended at 15.6% in Q3. Minneapolis-St. Paul Research & Forecast Report | Q3 2019 | Office | Colliers International VACANCY AND ABSORPTION TRENDS, continued Vacancy The positive absorption in the West/Northwest 0.155 submarket of 44,000 square feet was the result 0.15 of Element Fleet’s 73,000-square-foot lease 0.145 commencement at Excelsior Crossings. In addition, 0.14 one of the larger leases that kicked off Q3 was Daiken’s move into a 30,000 square foot block at 0.135 0.13 ATRIA Corporate Center in Plymouth. Finally, the Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 newly renovated Leef Office Building in Bryn Mawr 2015 2016 2017 2018 2019 drew the attention of tenants BDH & Young and Way to Grow with both leases totaling 25,000 square feet. Absorption Some of the positive absorption this quarter was offset by Wells Fargo Insurance consolidating 55,000 600000 square feet from 600 Metropoint to other nearby 400000 locations. The rates in West/Northwest remained nearly the same from last quarter, while the vacancy 200000 rate grew slightly to 12.6% for quarter three. 0 The Airport/South of the River submarket also -200000 accumulated positive absorption figures of 63,000 square feet, due to a pair of medium sized Mendota -400000 Heights tenants that commenced leases in Q3. The -600000 first tenant was United Educators Credit Union who Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 took 14,000 square feet in Mendota Office Center II 2015 2016 2017 2018 2019 and Holland Center who moved into 12,000 square feet at the Centre Pointe Business Park V. A surge Total Average Rental Rates of smaller leases, without much negative absorption, Total Average Rental Rates helped to off-set the final absorption totals for 16 15.5 Airport/South of the River in Q3, which year-to-date, 15 has taken in 102,000 square feet. 14.5 14 CONSTRUCTION 13.5 There were no office construction deliveries in Q3 in 13 12.5 the Twin Cities metro. However, there are currently 12 several major projects on the horizon that will change 11.5 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 2015 2016 2017 2018 2019 Significant Office Lease Activity TENANT PROPERTY ADDRESS CITY LEASED SF SUBMARKET TYPE RSM RSM Plaza 801 Nicollet Mall Minneapolis 125,000 Minneapolis CBD Renewal/Expansion Merrill Corp Baker Center 405 & 733 Marquette Ave Minneapolis 78,000 Minneapolis CBD New SRF Consulting Target West 3701 Wayzata Blvd Minneapolis 70,000 West/Northwest New US Bank Capella Tower 225 S 6th St Minneapolis 55,000 Minneapolis CBD New Nilan Johnson The Marq 250 S Marquette Ave Minneapolis 37,424 Minneapolis CBD New Siemens Crescent Ridge II 10900 Wayzata Blvd Minneapolis 34,654 West/Northwest Renewal Golden Triangle Advantage Sales & Marketing 7905 Golden Triangle Dr Eden Prairie 32,389 Southwest Expansion Technology Center Media Loft Banks Building 615 1st Ave NE Minneapolis 21,096 Minneapolis CBD Renewal Shriner's Healthcare for Children CityPlace Medical II 215 Radio Drive Woodbury 20,000 St. Paul Suburban New Minneapolis-St. Paul Research & Forecast Report | Q3 2019 | Office | Colliers International the office market landscape into 2020. Many of these Interlachen Corporate Center for $15,450,000, SARA office developments are occurring in the Minneapolis Investment Real Estate’s purchase of Brooklyn Park’s CBD, case in point, the 37-story Gateway Tower and Quadrant Office for $11,850,000 and Redline Property the Dayton’s Project which are both set for delivery Partners transacting on two 394 properties, Superior in 2020. While much of the Gateway Tower’s total Plaza and Willow Creek, totaling $10,625,000. Most office square footage is accounted for, with RBC properties currently on the market are suburban taking 300,000 square feet, The Dayton’s Project assets, which makes it unlikely that any large Class A will likely open with large vacancies and expected office assets will trade for the remainder of 2019. decreased rates. This could potentially open the door for CBD tenants to maneuver among larger blocks. FUTURE OUTLOOK Additionally, a renovation of 1325 Quincy Street in Absorption is looking to trend up into quarter four and Northeast Minneapolis will deliver 96,000 square feet beyond. The largest lease scheduled to commence office space to the market in the same timeframe. As next quarter is Calabrio for 170,000 square feet at the highlighted earlier, value-add redevelopment projects Swervo’s North Loop office development, which was are forecasted to materialize even more speculative completed in Q2. Most leases signed in 2019 are with office space, after the acquisition of Two22 and the companies who will occupy in the first half of 2020. sale of the Oracle & International Center. Breaking These moves will likely affect the first and second ground in quarter four is a long slated suburban quarter positive absorption figures in the first half of office development from Ryan Construction and the 2020. In the 394 Corridor limited space options and Excelsior Group called 10 West End. The 11-story, rising asking rates could point towards more spec- 343,000-squre-foot office building is scheduled for suites coming online in the near future. With the right delivery in early 2021. size and requirements, businesses currently residing in owner-occupied properties may snap up a multi- SALE ACTIVITY tenant opportunity given the circumstances. he largest transaction of Q3 was the acquisition of Two22 for $81,000,000 by national investor, Lingerfelt Commonwealth Partners. Capital Market interest in value-add Class B office product might be slowing investment sales in top CBD assets, as competition in this product type increases with more and more leasing momentum. In Q3, we saw investors moving towards the potential profits in stable Class B suburban assets. The Q3 suburban investment sales included Wildamere’s purchase of Significant Office Sale Activity DATE PROPERTY CITY SF SALE PRICE $/SF BUYER SELLER 7/2/19 Two22 Minneapolis 1,119,477 $81,000,000 $72.36 Lingerfelt CommonWealth 222 South Ninth Street, LLC 7/1/19 Fairview Health Services Portfolio Multiple 152,001 $31,500,000 $207.24 Fairview Health Services Columbia Park Properties 7/25/19 Summit Orthopedic Eagan 70,000 $29,400,000 $420.00 Harrison Street Kara-Mia, LLC 8/29/19 6820 Wedgwood Road N Maple Grove 101,011 $22,770,731 $225.43 Syndicated Equities Westminster Capital 9/13/19 Interlachen Corporate Center Edina 105,084 $15,450,000 $147.03 Wildamere Capital Management Lone Star Funds 9/19/19 Quadrant Office Building Brooklyn Park 103,858 $11,850,000 $114.10 SARA Investment Real Estate Hempel 7/31/19 Superior Plaza and Willow Creek Plaza Multiple 122,680 $10,625,000 $86.61 Redline Property Partners Lone Star Funds 8/29/19 2815 Cleveland Avenue N Roseville 170,325 $9,830,000 $57.71 Land Title, Inc The Blackstone Group LP 8/28/19 601 2nd Avenue S Hopkins 29,660 $4,750,000 $160.15 Acquisition Company 19 Robert Lunieski 7/19/19 4719 Park Nicollet Avenue Prior Lake 22,364 $2,905,000 $129.90 VCB Properties, LLC Village Commerce Building Minneapolis-St. Paul Research & Forecast Report | Q3 2019 | Office | Colliers International MULTI-TENANT MARKET STATISTICS DIRECT DIRECT % DIRECT W/ SUBLEASE % VACANT AVG QUOTED SUBMARKET # BLDGS BUILDING SF ABSORPTION YTD ABSORPTION AVAILABLE SF VACANT SF VACANT VACANT SF W/ SUB RENTAL RATE Airport/South of the River A 21 1,883,357 361,327 375,518 19.94% 378,166 20.08% 15.71 41,914 69,914 B
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