The 2015 NATIONAL ASSOCIATION OF REALTORS® Commercial Member Profile
Minnesota Commercial Association of REALTORS 2011 · 2012-03-13 · Annual Market Report Minnesota...
Transcript of Minnesota Commercial Association of REALTORS 2011 · 2012-03-13 · Annual Market Report Minnesota...
A n n u a l M a r k e t R e p o r t
Minnesota Commercial Association of REALTORS®
www.mncar.org
2011
“We’re happy to make our MNCAR Annual Market Report available for the fifth consecutive year. Data was provided by the MNCAR Exchange and reviewed for accuracy by the industry experts listed below. We hope it provides you with another tool to better serve your clients and stay informed on the state of the market.”
- Dara Rudick, Executive Director
2011 MNCARAnnual Market Report
Special thanks to the following MNCAR Market Experts for volunteering to review market data:
INDUSTRIAL
OFFICE
RETAIL
Jesseka DohertyMidAmerica
Tim IgoSuntide
Commercial
Jen HelmNorthMarq
Joe MahoneyHJ Development
David DalyNorthMarq
Andy McConvilleCB Richard Ellis
John McCarthyNorthMarq
Tom StellaNorthMarq
Larry ChevalierColliers
Brian HelmkenCB Richard Ellis
Matt DelisleWelsh Companies
Duane PoppeColliers
Tom SullivanNorthMarq
Aaron SillanpaWelsh Companies
Ryan BartleyCB Richard Ellis
Larissa ChampeauNorthMarq
Greg McMillanNorthMarq
Dan MosseyKraus
Anderson
Tony StraussWelsh
Companies
Zach StenslandWelsh
Companies
Molly TownsendCassidy Turley
Skip MelinCushman & Wakefield
Annual Office Market Report
Sale ListingsBUILDING SIZE 0-10,000 SF 10-25,000 SF 25-50,000 SF 50-100,000 SF 100,000+ SF 2009 2010 2009 2010 2009 2010 2009 2010 2009 2010
Minneapolis CBDSoutheastSouthwestSt. Paul CBDSt. Paul SuburbanWest and NorthwestTOTALS
Lease ListingsCONTIGUOUS SF 0-10,000 SF 10-25,000 SF 25-50,000 SF 50-100,000 SF 100,000+ SF 2009 2010 2009 2010 2009 2010 2009 2010 2009 2010
Minneapolis CBDSoutheastSouthwestSt. Paul CBDSt. Paul SuburbanWest and NorthwestTOTALS
AVAILABLE BUILDING INVENTORY – SALE & LEASENumber of Listings by Submarket
NOTABLE DEVELOPMENTS
Squa
re F
ee
t
Mpls CBD SE SW SP CBD SPSuburban
400,000
300,000
200,000
100,000
0
(100,000)
(200,000)W & NW
% V
ac
ant
25
20
15
10
5
0
234,133
33,999
(34,684)
(137,345)
(34,264)
16.1
18.2
20.321.516.716.7
131,522
VACANCY RATES AND ABSORPTION BY SUBMARKET
NAME CITY SQ. FOOTAGE DEVELOPER STATUS TENANTSHwy 36 Health Center Stillwater Phase I - 15,000 Airlake Development Phase I Under construction HealthEast Phase II - 12,000 August delivery with 50% pre-leased
Two Twelve Chaska 163,000 Mount Development U/C Ridgeview Medical Center Medical Center
Savage Medical Savage 32,000 Davis Group U/C Building
236384
6892
240
537463
6993
253
938213
4742
160
328253
4450
153
67
2006
1352
68
161
121154
142249
22
334245
21
4100229
520132
13
17622432655
290374
1445
18223132255
293402
1485
8057
102207686
421
8275
114266987
453
282843102534
168
303541143137
188
1713216
172498
1514206
192296
86858
1247
95749
1246
Annual Office Market Report
% V
ac
ant
Mpls CBD SE SW SP CBD SPSuburban
35.0
30.0
25.0
20.0
15.0
10.0
5.0
0.0W & NW
11.8
11.6
14.0
21.5 23
.6
23.3
18.3
12.4
18.0
17.2
21.7
18.4
14.7
17.9
17.5
22.3
22.5
Class A Class B Class C17
.4
VACANCY RATES BY SUBMARKETRe
nta
l Ra
te (
$)
Class A Class B
20
15
10
5
0Class C
15.60
2009 2010
15.18
11.72
9.97
12.3511.22
AVERAGE QUOTED NET RENTAL RATES BY CLASS
Annual Office Market Report
Avg Quoted Total Universe SF Vacant SF % Vacant Net Absorption SF Rate ($) Avg Op Exp/SF Avg Taxes/SF
MARKET 2010 2009 2010 2009 2010 2009 2010 2009 2010 2009 2010 2009 2010
Mpls CBDClass A Class B Class C Totals
SoutheastClass AClass B Class C Totals
SouthwestClass A Class B Class C Totals
St. Paul CBDClass AClass BClass CTotals
St. Paul SuburbanClass AClass BClass CTotals
West & NorthwestClass AClass BClass CTotals
TOTAL MARKETClass AClass BClass C
TOTALS
2010 MARKET OVERVIEW
13,698,2848,013,5377,105,431
28,817,252
2,460,6892,641,8951,248,0976,350,681
8,269,2205,481,7031,262,178
15,013,101
2,549,1854,205,338
466,6317,221,154
1,367,1253,617,6591,458,5426,443,326
4,957,3185,389,5491,792,748
12,139,615
33,301,82129,349,68113,333,627
75,985,129
1,827,4331,890,5511,163,5064,881,490
770,556618,507147,424
1,536,487
2,156,519899,579327,000
3,383,098
303,9811,082,744
72,9971,459,722
235,313558,887260,375
1,054,575
570,5771,134,121
248,5871,953,285
5,864,3796,184,3892,219,889
14,268,657
1,618,4471,786,9061,241,3764,646,729
344,508568,654144,339
1,057,501
1,929,0321,005,315
297,7523,232,099
458,841946,93557,755
1,463,531
296,061627,756251,508
1,175,325
729,618964,896329,880
2,024,394
5,376,5075,900,4622,322,610
13,599,579
13.323.616.416.9
31.323.412.024.3
25.716.425.922.4
13.224.515.720.3
17.214.817.915.9
11.621.314.116.2
17.720.816.7
18.7
11.822.317.516.1
14.021.511.616.7
23.318.323.621.5
18.022.512.420.3
21.717.417.218.2
14.717.918.416.7
16.120.117.4
17.9
(190,733)(170,726)
158,989 (202,470)
(394,496)(146,530)
92,136 (448,890)
(46,862)(117,666)(41,953)
(206,481)
(137,189)76,032 (1,210)
(62,367)
55,356 (271,944)(24,716)
(241,304)
(213,643)(136,182)
73,873 (275,952)
(927,567)(767,016)
257,119
(1,437,464)
208,986103,645(78,498)234,133
102,62825,8093,085
131,522
110,487(105,736)
29,24833,999
(95,349)45,42315,242
(34,684)
(60,748)(68,869)(7,728)
(137,345)
(122,196)169,225(81,293)(34,264)
143,808169,497
(119,944)
193,361
15.2711.2211.4512.05
14.4016.2110.7114.33
16.1011.9110.7013.19
12.9310.5010.2610.86
14.7711.7714.0212.99
17.2512.5812.7813.82
15.6012.3511.72
13.04
16.2011.0410.0011.65
14.5211.269.57
12.09
15.0811.3410.1812.53
12.909.599.00
10.48
14.3810.658.17
11.70
16.1711.9810.3813.00
15.1811.229.97
12.22
7.75 7.74 6.51 7.23
6.84 5.50 5.59 5.93
7.53 7.48 6.55 7.36
9.39 7.56 5.05 7.74
5.85 6.26 5.83 6.10
7.77 6.85 6.64 7.04
7.31 6.89 6.34
6.89
7.628.006.487.30
6.785.546.396.13
7.357.236.157.11
9.407.885.008.16
5.525.995.425.77
7.597.166.567.15
7.186.946.34
6.89
5.15 2.90 2.29 3.16
3.74 3.07 2.47 3.15
4.49 3.22 2.50 3.64
5.65 2.23
2.99
3.69 3.01 1.71 3.14
4.40 3.58 2.52 3.60
4.37 3.12 2.37
3.36
5.012.932.393.20
3.793.152.493.23
4.523.332.963.79
3.632.40
2.74
4.103.352.163.52
4.603.582.613.71
4.393.252.54
3.50
Annual Office Market Report
GROUND RULES
• Thisreportcoversonlypure,multi-tenantofficebuildingsinexcessof20,000squarefeet.Itthereforedoesnotincludemedical office buildings, or buildings containing solely government offices.
• Propertiesthatweredesignedtobemulti-tenantareincludedinthisreporteveniftheyhavebeenleasedentirelytoone tenant. Single tenant leased properties that were developed on a build-to-suit basis, and that would not function well as multitenant properties, are not included in this report. Owner occupied properties are also not included in this report.
• Rentalratesarebasedonquotednetrates.Actualeffectiverateswillvary.• Salelistingcountsincludeindividualcondounitsassinglelistings.Forinstance,a50,000squarefootbuildingdividedinto
five10,000squarefootcondos,eachwithaseparateForSalelisting,wouldcontribute5listingstoourlistingcounttotals.
DEFINITIONS
• ExistingProjects:BuildingconstructioncompletedpriortoDecember31st,2010.• Vacantspace:Spacethatisunoccupiedandnotunderlease.• Absorption:ThepositiveornegativedifferenceintheamountofspaceoccupiedbetweenDecember31st,2009and
December 31st, 2010.• SpacethatisphysicallyoccupiedbyatenantpriortoDecember31st,2010,butmarketedforleaseisconsidered
occupied space.• Subleasespace,eitherphysicallyoccupiedorvacant,isconsideredoccupiedspaceintheuniverseuntilthelease
runs out.• Spaceoccupiedbyatenantonamonth-to-monthleasethatisalsomarketedforleasetoanew,long-termtenantis
considered occupied space.• Thereportdoesnottrack“shadow”space,orbuildingsthatareleasedbytenantswhoarenotusingthespacebutnot
trying to sublease it.• Contiguousspace:Havingacommonboundary;spacethatisdirectlyadjacenttoanotherspaceorspaces.• Averagequotedrateswerebasedonsingle,double,andtriplenetrates.
Annual Industrial Market Report
AVAILABLE BUILDING INVENTORY – SALE & LEASENumber of Listings by Submarket
Squa
re F
ee
t
400,000
300,000
200,000
100,000
0
(800,000)
(200,000)
(300,000)
% V
ac
ant
20
15
10
5
0
East Northwest
(248,094)
Southeast
167,717
Southwest
303,347
11.411.8
17.1
14.0
Northeast
90,627
11.6
4,627
VACANCY RATES AND ABSORPTION BY SUBMARKET
Sale ListingsBUILDING SIZE 0-25,000 SF 25-50,000 SF 50-100,000 SF 100-200,000 SF 200,000+ SF 2009 2010 2009 2010 2009 2010 2009 2010 2009 2010
EastNortheastNorthwestSoutheastSouthwestTOTALS
Lease ListingsCONTIGUOUS SF 0-25,000 SF 25-50,000 SF 50-100,000 SF 100-200,000 SF 200,000+ SF 2009 2010 2009 2010 2009 2010 2009 2010 2009 2010
EastNortheastNorthwestSoutheastSouthwestTOTALS
NOTABLE DEVELOPMENTS
NAME CITY SQ. FOOTAGE DEVELOPER STATUSMeridian Industrial Center St. Paul 68,000 Industrial Equities ProposedRoseville Interstate Center Roseville 32,400 Industrial Equities ProposedBlaineMiniStorageFacility Blaine 77,000 Unavailable U/CBituminous Roadway - Shops/Office Mendota Heights 22,000 Unavailable U/C
31109923038
300
321321013948
352
1433532620
146
1337562525
156
820279
1882
72131112393
07
11108
36
13756
22
12153
12
35263
19
77294280190250
1091
61309285202248
1105
2475
1036082
344
1791
1036284
357
1533422947
166
1031392347
150
81421129
64
519218
1265
13553
17
24654
21
Annual Industrial Market Report
% V
ac
ant
East Northeast Northwest Southeast Southwest
30.0
25.0
20.0
15.0
10.0
5.0
0.0
12.6
8.4
12.7
12.3
10.1
14.0
14.2
13.7
13.0
11.5
8.4 9.
8
23.0
18.8
Bulk Warehouse Office Showroom Office Warehouse
13.9
VACANCY RATES BY SUBMARKET AND PRODUCT TYPE
Rent
al R
ate
($)
Bulk Warehouse Office Showroom
10
8
6
4
2
0
Office Warehouse
7.75
2009 2010
Offi
ce
Wa
reho
use
Offi
ce
Wa
reho
use
4.34
7.89
4.35
9.81
Offi
ce
Wa
reho
use
Offi
ce
Wa
reho
use
5.41
9.23
5.37
8.39
Offi
ce
Wa
reho
use
Offi
ce
Wa
reho
use
4.77
8.18
4.71
AVERAGE QUOTED NET RENTAL RATES BY PRODUCT TYPE
Annual Industrial Market Report
Total Avg Quoted Avg Op Universe SF Vacant SF % Vacant Net Absorption SF Rate ($) Exp/SF Avg Taxes/SF
MARKET 2010 2009 2010 2009 2010 2009 2010 2009 2009 2010 2010 2009 2010 2009 2010 WH Off WH Off
2010 MARKET OVERVIEW
EastBulk Warehouse Office Showroom Office Warehouse Totals
NortheastBulk Warehouse Office ShowroomOffice WarehouseTotals
NorthwestBulk Warehouse Office ShowroomOffice WarehouseTotals
SoutheastBulk WarehouseOffice ShowroomOffice WarehouseTotals
SouthwestBulk Warehouse Office ShowroomOffice WarehouseTotals
TOTAL MARKETBulk Warehouse Office ShowroomOffice Warehouse
TOTALS
3,121,5261,800,9742,803,5757,726,075
8,320,4924,127,723
20,574,38833,022,603
10,752,9844,848,050
13,802,46429,403,498
7,660,8284,090,6947,014,744
18,766,266
4,456,2846,835,272
12,840,57424,132,130
34,312,11421,702,71357,035,745
113,050,572
404,347150,935321,756877,038
695,421522,641
2,600,7073,818,769
1,087,729677,878
1,704,2233,469,830
1,763,921771,048686,724
3,221,693
612,011953,067
1,818,2823,383,360
4,563,4293,075,5697,131,692
14,770,690
367,306226,873287,486881,665
1,115,263462,178
2,585,1794,162,620
1,234,665377,708
1,748,5993,360,972
1,967,450643,426780,534
3,391,410
799,2471,048,2021,758,9553,606,404
5,483,9312,758,3877,160,753
15,403,071
(37,041)75,938
(34,270)4,627
204,140(60,463)(53,050)
90,627
29,663(297,283)
19,526(248,094)
203,529(127,622)
93,810169,717
148,236196,842(41,731)303,347
548,527(212,588)(15,715)
320,224
(8,792)101,898
(168,772)(75,666)
(523,921)158,670
(736,867)(1,102,118)
(292,944)(114,909)(423,660)(831,513)
(303,713)52,284
(126,961)(378,390)
(313,148)(107,063)(95,819)
(516,030)
(1,442,518)90,880
(1,552,079)
(2,903,717)
13.08.4
11.511.4
8.412.712.611.6
10.114.012.311.8
23.018.89.8
17.2
13.713.914.214.0
13.314.212.5
13.1
11.812.310.311.3
12.911.212.512.4
11.57.8
12.711.4
25.715.711.118.1
17.916.413.715.2
15.812.912.5
13.6
4.287.054.835.70
4.355.324.724.81
4.535.514.474.74
4.134.904.654.63
4.235.435.205.18
4.345.414.77
4.89
7.9911.319.96
10.19
8.048.757.848.09
8.359.118.278.51
7.699.088.018.38
6.959.338.228.49
7.899.238.18
8.47
4.496.066.376.01
4.385.484.454.70
4.445.364.304.61
4.105.295.144.96
4.625.244.864.97
4.355.374.71
4.87
0.662.241.871.76
1.091.572.602.21
1.228.281.623.48
4.581.731.412.22
1.131.893.512.71
2.043.292.44
2.65
0.682.411.531.73
1.081.512.291.98
1.2611.361.754.01
4.422.183.483.18
1.372.241.741.88
2.034.042.18
2.72
1.421.991.721.75
1.582.211.591.74
1.762.361.791.96
1.281.931.741.73
1.282.211.781.89
1.532.161.71
1.83
1.341.671.561.55
1.442.221.471.63
1.552.451.831.93
1.182.001.621.66
1.022.031.771.79
1.352.141.66
1.75
5.959.866.898.07
7.539.038.078.23
8.3712.458.589.47
7.798.547.858.11
7.129.459.089.00
7.759.818.39
8.71
Annual Industrial Market Report
GROUND RULES• Multi-tenantofficewarehouse,officeshowroom,andbulkwarehousebuildingsinexcessof25,000squarefeet.Single-
tenant leased properties that were developed on a build-to-suit basis, and that would not function well as multi-tenant properties, are not included in this report. Owner occupied properties are also not included.
• Rentalratesarebasedonquotednetratesexclusiveoftransactioncosts.Actualeffectiverateswillvary.
DEFINITIONS
• ExistingProjects:BuildingconstructioncompletedpriortoDecember31st,2010.• Vacantspace:Spacethatisunoccupiedandnotunderlease.• Absorption:ThepositiveornegativedifferenceintheamountofspaceoccupiedbetweenDecember31st,2009and
December 31st, 2010.• SpacethatisphysicallyoccupiedbyatenantpriortoDecember31st,2010,butmarketedforleaseisconsidered
occupied space.• Subleasespace,eitherphysicallyoccupiedorvacant,isconsideredoccupiedspaceintheuniverseuntilthelease
runs out.• Spaceoccupiedbyatenantonamonth-to-monthleasethatisalsomarketedforleasetoanew,long-termtenantis
considered occupied space.• Thereportdoesnottrack“shadow”space,orbuildingsthatareleasedbytenantswhoarenotusingthespacebutnot
trying to sublease it.• Contiguousspace:Havingacommonboundary;spacethatisdirectlyadjacenttoanotherspaceorspaces.Average quoted rates were based on single, double, or triple net rates.
PROFILE OF PROJECT TYPES
Project Type Typical Tenant Size Clear Ceiling Height Bay Depth Office or ShowroomOfficeWarehouse 7,000Sq.Ft.+ 16-24Ft. 120-160Ft. 10%-40%OfficeShowroom 3,000Sq.Ft.+ 12-16Ft. 80-120Ft. 25%-75%BulkWarehouse 20,000Sq.Ft.+ 20+Ft. 160-200Ft. 0%-10%
Annual Retail Market Report
Sale ListingsCENTER TYPE Neighborhood Centers Community Centers Regional Centers Downtown Retail 2009 2010 2009 2010 2009 2010 2009 2010
49 56 20 21 3 3 7 0
AVAILABLE BUILDING INVENTORY – SALE & LEASENumber of Listings by Center Type
Squa
re F
ee
t
2,500,000
2,400,000
2,200,000
2,000,000
1,800,000
1,600,000
1,400,000
1,200,000
1,000,000
800,000
600,000
400,000
200,000
0
% V
ac
ant
40
35
30
25
20
15
10
5
0
CBDs Neighborhood RegionalCommunity
330,919
2,418,051
1,539,654
10.5
7.0
999,630
5.3
19.8
VACANCY BY CENTER TYPE
Lease ListingsCONTIGUOUS SF 0-10,000 SF 10-25,000 SF 25-50,000 SF 50-100,000 SF 100,000+ SF 2009 2010 2009 2010 2009 2010 2009 2010 2009 2010
Neighborhood Centers 308 331 57 67 15 20 0 1 0 0Community Centers 68 88 23 26 10 11 6 10 2 2Regional Centers 17 22 7 10 5 6 0 1 0 0Downtown Centers 8 2 14 4 4 2 1 0 1 0
NOTABLE DEVELOPMENTS
NAME CITY SQ. FOOTAGE DEVELOPER STATUS TENANTSDunkirkSquareOutlots MapleGrove 10,900 Reliance U/C Verizon,Pro-cutsCommerce Hill Woodbury 174,853 JMW Development U/C Super TargetWalgreens St Paul - Highland Park 16,000 Semper Development U/C WalgreensWest 78th Marketplace Eden Prairie 7,000 Oppidan Completed Smash Burger, 1Qof2011 Verizon,SportsClips
These counts include listed properties on the MNCAR Exchange within the seven-county area and uses the Center Types assigned to properties there. These do not match the center types used for generating vacancy and rate statistics in all cases.
Annual Retail Market Report
Exp
ens
es
($)
15.0
10.0
5.0
0.0
10.83
CBDs Community
3.20
Neighborhood
3.35
Regional
5.73
AVERAGE TOTAL EXPENSES BY CENTER TYPERe
nta
l Ra
te (
$)
30
20
10
0
CBDs
20.29
Neighborhood
15.43
Community
17.96
Regional
22.07
QUOTED NET RENTAL RATES BY CENTER TYPE
Annual Retail Market Report
2010 MARKET OVERVIEW
These figures do not take sublease and “shadow” space into account.
Avg Quoted Total Universe SF Vacant SF % Vacant Rate ($) Avg Op Exp/SF Avg Taxes/SF
MARKET 2009 2010 2009 2010 2009 2010 2009 2010 2009 2010 2009 2010
CBDs Community Neighborhood Regional
TOTAL MARKET
1,674,692
18,722,189
23,072,419
22,018,840
65,488,140
1,357,746
17,240,145
22,352,883
21,681,191
62,631,965
330,919
999,630
2,418,051
1,539,654
5,288,254
498,798
1,411,148
2,324,637
1,298,997
5,533,580
36.7
8.2
10.4
6.0
8.8
19.8
5.3
10.5
7.0
8.08
21.00
18.33
16.70
24.95
17.44
20.29
17.96
15.43
22.07
16.27
10.26
3.37
3.33
4.75
3.70
10.83
3.20
3.35
5.73
3.78
4.23
4.24
3.73
5.09
3.91
3.83
4.42
3.92
5.90
4.11
Annual Retail Market Report
GROUND RULES
• Multi-tenantretailpropertiesinthe7-countymetroareainexcessof30,000squarefeet.• Rentalratesarebasedonquotednetratesexclusiveoftransactioncosts.Actualeffectiverateswillvary.
DEFINITIONS
• ExistingProjects:BuildingconstructioncompletedpriortoDecember31st,2010.• Vacantspace:Spacethatisunoccupiedandnotunderlease.• Absorption:ThepositiveornegativedifferenceintheamountofspaceoccupiedbetweenDecember31st,2009 and December 31st, 2010.• SpacethatisphysicallyoccupiedbyatenantpriortoDecember31st,2010,butmarketedforleaseisconsidered occupied space.• Subleasespace,eitherphysicallyoccupiedorvacant,isconsideredoccupiedspaceintheuniverseuntilthe lease runs out.• Spaceoccupiedbyatenantonamonth-to-monthleasethatisalsomarketedforleasetoanew,long-term tenant is considered occupied space.• Thereportdoesnottrack“shadow”space,orbuildingsthatareleasedbytenantswhoarenotusingthespace but not trying to sublease it.• Contiguousspace:Havingacommonboundary;spacethatisdirectlyadjacenttoanotherspaceorspaces.• Averagequotedrateswerebasedonsingle,double,ortriplenetrates.
PROFILE OF PROJECT TYPES
Regional Center: 400,000 square feet and upCommunity Center: 150,000-399,999 square feetNeighborhood Center: 30,000-149,999 square feetCentral Business Districts of Minneapolis & St. Paul: Regardless of square footage
MNCAR EXCHANGE 2011 LEADERSHIP
PRESIDENT Tim Igo Suntide Commercial
PAST PRESIDENT Sheila Devine Meyer Commercial
MNCAR PRESIDENT Nathan Arnold CB Richard Ellis
DIRECTORS Nathan Arnold CB Richard Ellis Lisa Christianson Christianson & Company Tony Deldotto NorthMarq MartyFisher PremierCommercialProperties Dirk Koentopf NorthMarq JeffLaFavre Colliers John McCarthy NorthMarq Bill Ostlund CBC Griffin Companies Dan Peterson Adam Commercial Whit Peyton CB Richard Ellis Mike Salmen Equity Transwestern Bill Wardwell NAI Welsh
MINNESOTA COMMERCIAL ASSOCIATION OF REALTORS 2011 LEADERSHIP
PRESIDENT Brad Bulter Liberty Property Trust
PRESIDENT-ELECT Tom Tracy NorthMarq
PAST PRESIDENT Nathan Arnold CB Richard Ellis
DIRECTORS Bryan Beltrand NAI Welsh AnnaCoskran Nelson,Tietz&Hoye Todd Hanson NorthMarq Mike Honsa Transwestern Jim Jetland NorthMarq Stefanie Meyer NorthMarq Duane Poppe Colliers Steve Shepherd NAI Welsh Phil Simonet Paramount Real Estate Corporation Nils Snyder NAI Welsh Mark Steingas Copperwood Investments Brian Wasserman CB Richard Ellis
2011 Annual Market Report
MNCAR believes the information contained within this report to be accurate. MNCAR accepts no responsibility if this is found not to be the case. No warranty or representation, express or implied, is made to the accuracy or completeness of the information contained herein.