MNCAR 2012 Annual Market Report

A n n u a l M a r k e t R e p o r tReporting for 2011

Minnesota Commercial Association of REALTORS®

Minnesota Association of Real Estate

www.mncar.org

2012

MNCAR_AMR-2011_FINAL.indd 1 3/12/12 11:55 AM

“We’re happy to make our MNCAR Annual Market Report available for the sixth 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

2012 MNCARAnnual Market Report

Reporting for 2011

Special thanks to the following MNCAR Market Experts for volunteering to review market data:

INDUSTRIAL

OFFICE

RETAIL

Ryan BartleyParamountReal Estate

Aaron SillanpaColliers International |Minneapolis-St. Paul

Tom SullivanCushman &

Wakefield/NorthMarq

Duane Poppe - ChairTranswestern

Andy McConvilleCBRE

David Daly - ChairCushman &

Wakefield/NorthMarq

Joe MahoneyHJ Development

Jen HelmCushman &

Wakefield/NorthMarq

Jesseka DohertyMid-America

Skip MelinCushman &

Wakefield/NorthMarq

Molly TownsendCassidy Turley

Zach StenslandColliers International |Minneapolis-St. Paul

Tony StraussColliers International |Minneapolis-St. Paul

Dan MosseyKraus Anderson

Nils Snyder - ChairColliers International |Minneapolis-St. Paul

Brian HelmkenCBRE

Jason ButterfieldCushman &

Wakefield/NorthMarq

Matt DelisleColliers International |Minneapolis-St. Paul

Larissa ChampeauCushman &

Wakefield/NorthMarq

Aaron BarnardCushman &

Wakefield/NorthMarq

Mark StevensCassidy Turley

Jim MontezCushman &

Wakefield/NorthMarq

Tom StellaCushman &

Wakefield/NorthMarq

Eric RappColliers International |Minneapolis-St. Paul

Brian WassermanCBRE

Jim KenneyCBRE

Mike HonsaTranswestern


Annual Office Market Report

Buildings For SaleBUILDING SIZE 0-10,000 SF 10-25,000 SF 25-50,000 SF 50-100,000 SF 100,000+ SF 2011 2011 2011 2011 2011

Minneapolis CBDMinneapolis CitySaint Paul CBDSaint Paul CityMidwayNortheastSoutheastSouthwestNorthwestTOTALS

AVAILABLE BUILDING INVENTORY – SALE & LEASENumber of Availabilities by Submarket

Squa

re F

ee

t

Mpls CBD SE SW SP CBD SPSuburban

500,000

400,000

300,000

200,000

100,000

0

(100,000)

(200,000)

W & NW

% V

ac

ant

25

20

15

10

5

0

376,026

477,453

(173,232)

25,79489,673

14.3

18.3

22.4

17.4

14.815.3

100,125

VACANCY RATES AND ABSORPTION BY SUBMARKET

4241

263

609281

123414

423195

28564254

222

481219

12171569

301211237

20

512122303

19

This report is using a new method of counting available spaces for lease. Historical listing counts from the previous year’s report are not being used. The new counts are more accurate and reflect the high standard of data accuracy supported by our new Exchange system.

Listing counts are totaled by the market areas used on the MNCAR Exchange system. These boundaries differ from those published in this report and used for vacancy and rate reporting.

Spaces For Lease Including ContiguousBUILDING SIZE 0-10,000 SF 10-25,000 SF 25-50,000 SF 50-100,000 SF 100,000+ SF 2011 2011 2011 2011 2011


66831823166

106456789

1381792

4807

1744561191268

129206157871

68102656

32478687

367

223

1733

17254650

186

100

1100

109

192887



% 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

9.2 11

.612.8

17.4

29.4

14.7

18.5

11.9

15.9

20.6

19.3

18.1

10.3

19.1

14.3

22.7

27.6

Class A Class B Class C17

.0

VACANCY RATES BY SUBMARKET

Rent

al R

ate

($)

Class A Class B

20

15

10

5

0Class C

15.23

11.6511.82

AVERAGE QUOTED NET RENTAL RATES BY CLASS


Avg QuotedMARKET Total Universe SF Vacant SF % Vacant Net Absorption SF Rate ($) Avg Op Exp/SF Avg Taxes/SF

Annual Office Market Report2011 MARKET OVERVIEW

12,837,2847,733,2807,105,431

27,675,995

2,460,6892,977,049

876,0966,313,834

8,019,2205,392,5031,262,178

14,673,901

2,549,1854,105,224

453,6317,108,040

1,367,1253,617,6591,436,5426,421,326

4,957,3185,357,9241,699,284

12,014,526

32,190,82129,183,63912,833,162

74,207,622

1,178,3331,755,5091,018,8923,952,734

313,914518,775102,004934,693

1,175,541999,069371,454

2,546,064

405,1261,132,969

54,1751,592,270

263,415614,089296,123

1,173,627

508,3701,026,001

307,1381,841,509

3,844,6996,046,4122,149,786

12,040,897

9.222.714.314.3

12.817.411.614.8

14.718.529.417.4

15.927.611.922.4

19.317.020.618.3

10.319.118.115.3

11.920.716.8

16.2

185,769(32,227)222,484376,026

30,59468,879

652100,125

604,909(53,754)(73,702)477,453

53,715230,527

3,580173,232

7,64642,763

(24,615)25,794

221,248(65,081)(66,494)

89,673

1,103,881(269,947)

61,905

895,839

16.6111.4910.9012.16

13.8511.7911.5212.29

15.1611.5010.2312.61

12.2910.6210.2110.86

14.8712.0113.2812.95

16.5812.7113.0913.76

15.2311.8211.65

12.68

7.787.916.677.38

6.395.575.535.80

7.627.335.907.23

8.647.456.467.71

38.635.765.35

16.48

7.787.166.657.21

12.046.856.27

8.28

4.672.742.503.08

3.922.852.433.09

4.293.313.033.68

3.447.481.345.82

22.903.322.049.85

4.623.392.323.50

7.113.482.48

4.43

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

NOTABLE OFFICE SALES TRANSACTIONSPROPERTY SIZE (SF) PRICE/TYPE CITY BUYER SELLER AGENTS INVOLVED

MoneyGram Tower1550 Utica Ave S1600 Tower1600 Utica Ave S

9320 Excelsior Blvd

Two MarketPointe4400 78th St W

601 Tower at Carlson Center601 Carlson Pkwy

The Colonnade5500 Wayzata Blvd

UnitedHealth13625-13675 Technology Dr

One Financial Plaza120 6th St S

1201 Northland Dr

Minnetonka Corporate Campus I, II and III6000 Clearwater Dr12800-12900 Whitewater Dr

Wayzata Executive Park Bldgs 1903, 1905 & 1907

419,000

268,000

236,000

288,458

355,797

450,000

393,902

87,344

232,622

101,716

$71,140,000

$69,500,000

$60,600,000

$54,400,000

$51,980,000

$50,000,000

$23,610,000

$14,150,000

$11,430,000

$9,154,440

Saint Louis Park

Hopkins

Bloomington

Minnetonka

Golden Valley

Eden Prairie

Minneapolis

Mendota Heights

Minnetonka

Wayzata

Blackstone Group

Hines Global REIT

Artis REIT

KBS REIT II

DRA Advisors LLC

UnitedHealth Group

NEH 1 LLC

SNH Medical Office Properties Trust

Liberty Property Trust

Continental Property Group LLC

Duke Realty Corp

Cargill Inc

Two MarketPointe LLC

TIAA-CREF

TIAA-CREF

Tyco

LNR Partners

1201 Northland Drive, LLC

The Allstate Corp

J.E. Robert Company

No agents involved. Part of national portfolio sale.

Tom Holz, Steve Buss and Ryan Watts of CBRE represented the sellers.


KBS Capital Advisors represented the buyer; Tom Holtz, Steve Buss and Ryan Watts of CB Richard Ellis represented the seller


Roger Christensen of Jones Lang LaSalle represented the buyer; Dan Gleason and John McCarthy of Cushman & Wakefield/NorthMarq represented the seller.

Bob Pounds, Tim Prinsen and Nils Snyder of Colliers International (Welsh) represented the seller.

Tom O’Brien of Cushman & Wakefield represented the seller

Brad Butler of Liberty Property Trust represented the buyer; Scott Pollock, James Jetland and Dan Gleason of Cushman & Wakefield/NorthMarq represented the seller.

Mark Kolsrud, Kai Thomsen & Will Buckley of Cassidy Turley represented the seller



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

five 10,000 square foot condos, each with a separate For Sale listing, would contribute 5 listings to our listing count totals.

DEFINITIONS

• ExistingProjects:BuildingconstructioncompletedpriortoDecember31st,2011.• Vacantspace:Spacethatisunoccupiedandnotunderlease.• Absorption:ThepositiveornegativedifferenceintheamountofspaceoccupiedbetweenDecember31st,2010and

December 31st, 2011.• SpacethatisphysicallyoccupiedbyatenantpriortoDecember31st,2011,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

Squa

re F

ee

t

600,000

500,000

400,000

300,000

200,000

100,000

0

% V

ac

ant

20

15

10

5

0

East Northwest

364,781

Southeast

87,279

Southwest

169,513

9.0

10.6

16.5

13.2

Northeast

537,305

9.8

179,816

VACANCY RATES AND ABSORPTION BY SUBMARKET


Listing counts are totaled by the market areas used on the MNCAR Exchange system. These boundaries differ from those published in this report and used for vacancy and rate reporting.




4333

1610624993

136406

212323

15263252

147

113030

1015282999

020012976

27

011020743

18



886132859

286394454589

1917

51866

12625991

131390

410487

18244657

178

051156

14133681

021000748

22



% V

ac

ant

East Northeast Northwest Southeast Southwest

30.0

25.0

20.0

15.0

10.0

5.0

0.0

10.9

6.5

11.6

10.1

9.9

13.4

11.1

16.6

8.4

8.410

.8

8.7

21.1

21.1

Bulk Warehouse Office Showroom Office Warehouse

15.1

VACANCY RATES BY SUBMARKET AND PRODUCT TYPERe

nta

l Ra

te (

$)

Bulk Warehouse Office Showroom

10

8

6

4

2

0

Office Warehouse

Offi

ce

Wa

reho

use

8.88

4.26

Offi

ce

Wa

reho

use

9.43

4.52

Offi

ce

Wa

reho

use

8.91

4.20

AVERAGE QUOTED NET RENTAL RATES BY PRODUCT TYPE



Total Avg Quoted Avg OpMARKET Universe SF Vacant SF % Vacant Net Absorption SF Rate ($) Exp/SF Avg Taxes/SF

WH Off

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

3,121,5261,965,2572,683,5757,770,358

8,702,5744,127,723

20,184,83633,015,133

10,656,9844,848,050

13,802,46429,307,498

7,660,8284,090,8656,882,744

18,634,437

4,588,5925,958,953

12,890,60323,438,148

34,730,50420,990,84856,444,222

112,165,574

260,727212,065224,430697,222

565,142478,309

2,192,9213,236,372

1,056,836651,440

1,396,7733,105,049

1,617,920863,071595,453

3,076,444

761,644900,070

1,431,2363,092,950

4,262,2693,104,9555,840,813

13,208,037

143,620(61,130)

97,326179,816

130,27944,332

362,694537,305

30,89326,438

307,450364,781

146,001(92,023)

33,30187,279

(149,633)(102,637)

421,783169,513

301,160(185,020)1,222,554

1,338,694

8.410.88.49.0

6.511.610.99.8

9.913.410.110.6

21.121.18.7

16.5

16.615.111.113.2

12.314.810.3

11.8

7.9511.0810.9510.90

9.579.188.698.89

8.959.429.159.19

8.589.048.618.81

8.629.538.779.08

8.889.438.91

9.09

0.732.382.342.20

1.121.501.261.30

0.982.052.702.17

4.041.761.252.06

1.552.151.681.84

1.971.921.77

1.85

1.102.011.831.84

1.622.291.651.80

1.642.351.771.92

1.301.941.771.76

1.402.101.741.84

1.502.141.73

1.83

3.614.184.654.28

4.464.344.124.20

4.414.624.124.30

4.144.464.284.34

4.154.674.294.42

4.264.524.20

4.31

2011 MARKET OVERVIEW

NOTABLE INDUSTRIAL SALES TRANSACTIONSPROPERTY SIZE (SF) PRICE/TYPE CITY BUYER SELLER AGENTS INVOLVED

Diamond Lake 2 & 320015-20195 Diamond Lake Rd S

Evergreen Industrial Portfolio

Xenium Distribution Center1105 Xenium Ln N

9000 109th Ave N

3880 4th Ave E

I-35 Business Center2215-2219 Hwy 36 W

Rogers Distribution Center13098 George Weber Dr

Continental Nitrogen Site12955 Courthouse Blvd

Gateway Business Park2420 Long Lake Rd

Plymouth Corporate Campus1725-1797 Xenium Ln N

519,000

574,000

335,063

221,750

157,644

121,699

147,160

210,000 50 acres

101,072

83,617

$34,200,000

$17,000,000

$16,050,000

$12,776,273

$8,250,000

$8,150,000

$6,900,000

$6,500,000

$6,100,000

$5,800,000

Rogers

Roseville & Shoreview

Plymouth

Champlin

Shakopee

Roseville

Rogers

Rosemount

Roseville

Plymouth

20015/20195 South Diamond Lake Road Investors

Travelers

Realty Associates Fund IX LP


Duke Realty Corp

Duke Realty Corp


Yocum Oil Company

Duke Realty Corp

Artis Real Estate Investment Trust

TR Diamond Lake Corp

Waterton Commercial & Lehman Brothers Holdings Inc

Carlson Real Estate Co LLP

KBS Industrial Portfolio LLC

DCT MN Valley LLC

DCT MN Valley LLC

Artis Real Estate Investment Trust

Continental Nitrogen Resources

DCT MN Valley LLC

Plymouth Corp Campus LLC

Steven Buss, Tom Holtz, and Ryan Watts of CBRE represented the seller.

Dan Russ and Duane Poppe of Transwestern represented the seller.

Steve Buss of CBRE represented the seller.

David Jellison of Liberty Property Trust represented the seller.

No agents. Portfolio purchase.


Steven Buss, Tom Holtz, and Ryan Watts of CBRE represented the seller.

Lonnie Provencher of Cushman & Wakefield/NorthMarq represented the seller.


Steve Nilsson, Peter Mork and Jason Simek of Colliers International (Welsh) represented the seller.



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





considered occupied space.• Thereportdoesnottrack“shadow”space,orbuildingsthatareleasedbytenantswhoarenotusingthespacebut

not trying to sublease it.• Contiguousspace:Havingacommonboundary;spacethatisdirectlyadjacenttoanotherspaceorspaces.• Averagequotedrateswerebasedonsingle,double,ortriplenetrates.

PROFILE OF PROJECT TYPES

Project Type Typical Tenant Size Clear Height Bay Depth Office/ShowroomOffice Warehouse 7,000 Sq. Ft. + 16-24 Ft. 120-160 Ft. 10%-40%Office Showroom 3,000 Sq. Ft. + 12-16 Ft. 80-120 Ft. 25%-75%Bulk Warehouse 20,000 Sq. Ft. + 20+ Ft. 160-200 Ft. 0%-10%


Annual Retail Market Report


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

359,786

2,139,865

427,5639.3

2.0

809,756

4.3

21.5

VACANCY BY CENTER TYPE


Listing counts are totaled by the market areas and Center Types used on the MNCAR Exchange system. These differ from those published in this report and used for vacancy and rate reporting.



1472

268

59526197

353

412131

27232651

148

12001748

1639

200003347

19

010006808

23



120130502423

327429391547

2041

1010443

27544270

224

212217

147

3975

01000294

2440

0000012003



Exp

ens

es

($)

15.0

10.0

5.0

0.0

10.05

CBDs Community

3.34

Neighborhood

3.40

Regional

6.22

AVERAGE TOTAL EXPENSES BY CENTER TYPERe

nta

l Ra

te (

$)

30

20

10

0

CBDs

20.43

Neighborhood

15.22

Community

19.93

Regional

22.43

QUOTED NET RENTAL RATES BY CENTER TYPE



2011 MARKET OVERVIEW

These figures do not take sublease and “shadow” space into account.

Avg QuotedMARKET Total Universe SF Vacant SF % Vacant Rate ($) Avg Op Exp/SF Avg Taxes/SF CBDs Community Neighborhood Regional

TOTAL MARKET

1,674,692

18,972,629

22,935,143

21,034,726

64,617,190

359,786

809,756

2,139,865

427,563

3,736,970

21.5

4.3

9.3

2.0

5.78

20.43

19.93

15.22

22.43

16.47

10.05

3.34

3.40

6.22

3.83

3.51

4.73

3.93

6.14

4.16

NOTABLE RETAIL SALES TRANSACTIONSPROPERTY SIZE (SF) PRICE/TYPE CITY BUYER SELLER AGENTS INVOLVED

Ryan Retail Portfolio(5 Shopping Centers)

Fountain Place8565 Fountain Pl

Calhoun Commons3040 Excelsior Blvd

Rockridge Center4445 Nathan Ln N

The Shoppes at Arbor Lakes7900 Main St N

Brookdale Center1100-1347 Brookdale Mall

Cahill Plaza7810-7850 Cahill Ave

Jerry’s Food Building5017 Vernon Ave S

Four Parcel Portfolio8033 Knox Ave1701 American Blvd W1600 81st St1601 American Blvd W

1180 Arcade St

508,862

109,513

66,150

128,000

85,359

625,000

69,000

20,000

25,712

14,490

$28,300,000

$23,100,000

$21,020,000

$20,500,000

$9,906,905

$7,500,000

$6,600,000

$6,160,000

$5,900,000

$5,900,000

Minneapolis/Saint Paul Metro Area

Eden Prairie

Minneapolis

Plymouth

Maple Grove

Brooklyn Center

Inver Grove Heights

Edina

Bloomington

St Paul

Artis Real Estate Investment Trust REIT

Sun Life Assurance Co

Regency Center Corporation

Columbia II Rockridge Center LLC

Arbor 15, LLC

Gatlin Development Co

Paster Enterprises

Vernon Properties LLC(Semper Development)

Luther Automotive Group

Private family trust

Ryan Cos. US Inc

EP-Minn LLC

Calhoun Commons LLC

HP 3 LLC

Opus Estates, LLC

Capmark Financial Group

Cahill Plaza LLC

Jerry’s Enterprises Inc

Knox Avenue Properties LLCJames Lupient81st Street Properties

Unknown developer

Tom Holtz, Steven Buss and Ryan Watts of CB Richard Ellis represented the seller.

No local agents involved.

Joe Gerardi of Mid-America Real Estate represented the buyer; Kelly Doran of Doran Companies represented the seller.

Joe Gerardi of Mid-America Real Estate represented the buyer.

No agents involved.

Jim Leary, Steve Lysen and Andy McConville of CB Richard Ellis represented the seller.

Howard Paster of Paster Enterprises representedthebuyer;EricBjellandandLeahTruax of NorthMarq represented the seller.

Richard Hauser of Spectrum Development Group represented the buyer; Darcy Winter of D E Winter & Associates represented the seller.

Dick Friedrichs with Colliers International | Minneapolis-St. Paul represented the buyer; Joe Mahoney of H.J. Development represented the seller.

Randy Blankstein and Jimmy Goodman of The Boulder Group represented the buyer



GROUND RULES

• Multi-tenantretailpropertiesinthe7-countymetroareainexcessof30,000squarefeet.• Rentalratesarebasedonquotednetratesexclusiveoftransactioncosts.Actualeffectiverateswillvary.

DEFINITIONS





considered occupied space.• Thereportdoesnottrack“shadow”space,orbuildingsthatareleasedbytenantswhoarenotusingthespacebut

not trying to sublease it.• Contiguousspace:Havingacommonboundary;spacethatisdirectlyadjacenttoanotherspaceorspaces.• Averagequotedrateswerebasedonsingle,double,ortriplenetrates.

PROFILE OF PROJECT TYPES

Regional Center: 800,000 square feet and upCommunity Center: 150,000-399,999 square feetNeighborhood Center: Up to 150,000 square feetCentral Business Districts of Minneapolis & St. Paul: Regardless of square footage


MNCAR EXCHANGE 2012 LEADERSHIP

PRESIDENT Lisa Christianson Christianson and Company PRESIDENT-ELECT/TREASURER Marty Fisher Premier Commercial Properties IMMEDIATE PAST PRESIDENT Tim Igo Suntide

DIRECTORS Nathan Arnold CBRE Maura Carland Colliers International | Minneapolis-St. Paul Sheila DeVine Warnert Commercial Dirk Koentopf Cushman & Wakefield/NorthMarq Jeff LaFavre CBC Griffin Companies John McCarthy Cushman & Wakefield/NorthMarq Dennis Panzer Cassidy Turley Dan Peterson Adam Commercial Whit Peyton CBRE Mike Salmen Transwestern Bill Wardwell Colliers International | Minneapolis-St. Paul

MINNESOTA COMMERCIAL ASSOCIATION OF REAL ESTATE 2012 LEADERSHIP

PRESIDENT Tom Tracy Cushman & Wakefield/NorthMarqPRESIDENT-ELECT/TREASURER Duane Poppe TranswesternIMMEDIATE PAST PRESIDENT Brad Butler Liberty Property Trust

DIRECTORS Anna Coskran Nelson, Tietz & Hoye Todd Hanson Cushman & Wakefield/NorthMarq Jen Helm Cushman & Wakefield/NorthMarq Mike Honsa Transwestern Jim Jetland Cushman & Wakefield/NorthMarq Andy McIntosh CSM Stefanie Meyer Mid-America Steve Shepherd Colliers International | Minneapolis-St. Paul Phil Simonet Paramount Real Estate Nils Snyder Colliers International | Minneapolis-St. Paul Mark Steingas Copperwood Investments Tom Stella Cushman & Wakefield/NorthMarq David Stokes Cassidy Turley Brian Wasserman CBRE

2012 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.

MINNESOTA COMMERCIAL ASSOCIATION OF REALTORS 2012 LEADERSHIP

PRESIDENT Tom Burton Burton Real Estate AdvisorsIMMEDIATE PAST PRESIDENT Lisa Christianson Christianson & CompanySECRETARY/TREASURER Jeff LaFavre Coldwell Banker Commercial Griffin Companies


www.mncar.org


MNCAR 2012 Annual Market Report

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