HomeMy WebLinkAbout6.3a Commercial Vacancy Rates
TO: Economic Development Authority
Jennifer Levitt, Executive Director
FROM: Gretchen Larson, Economic Development Director
DATE: December 9, 2022
RE: Response to EDA Comments – Commercial Vacancy Rates
In response to a question at the last EDA meeting, below are the commercial vacancy rates by
subcategory for November 2022.
An item of note in the retail category is that we have one center with an 1,800 SF lease pending
and another center with two leases pending for approximately 21K SF of space available. If they all
close as is expected, this will reduce available lease space by approximately 50% and further
reduce the overall vacancy rate in the city which is currently 8.3%.
For comparison, the 3rd Q Vacancy for the Twin Cities area is 15.9% as reported by the team at
REDI Catylist via the MNCAR commercial exchange which is our property listing service.
Property Type # of Properties Avg. Asking Price Available Lease SF
Avg. Available Lease
SF Vacancy Rate
Retail 11 $15.60 45,388 5,637 15%
Office 3 $17.00 3,975 1,988 No Data
Industrial 10 $6.50 55,502 N/A 3.4%