EDSR INFORMATION 09-08-1997 INFORMATION
6 CityBusiness August 15,1997
JOHN NOL-
.•
fearsIndustrial space ,,„, -„,_,,,,.±,,
buildup
J
REAL ESTATE When's it going to stop? Specter of'80s bust has some ne11141 ,
rvous ��,
i''''' 1
By Dirk DeYoung However, he added, the safer thing that's going to slow the market'''' 1 11 I
Sall reporter build-to-suit market is still very down is going to be a slowdown in t
Jittery brokers, watching the mar- strong. labor supply." But the continued I, yx
ket441.
race upward at breathtaking speed Steven - Hoyt, owner of migration of workers into the area and1p4,003
•
while investors continue to pump in Minneapolis-based Hoyt Properties a diversified economy mean growth, , - u ;
mob.
more money,are starting to fret about Inc.,believes the entire industrial mar- will continue,DeVries said' ,
a downturn,or at least a slowdown. ket is excellent and there's little Anew midyear report released,by r '
Today's news from Wall Street, chance of an '80s-like bust. "The Bloomington-based United Properties
perhaps? demand is there and I think the Bevel- appears to agree with the optimists, ---
Try the industrial real estate market opens are keeping a lot shorter leash citing rising rental rates for ' • t •1, ; #
in the Twin Cities. on it than they were the other time property."Several developersarsm ; '
Developers built slightly more than around the track," he said. "We ing the rates on new projectso" r. '
IA
4 million square feet of industrial remember the problems of the '80s those they quoted on similar ,• '-. , .,
space in the Twin Cities in the 12 and I think we'rea lot more careful developed only months before `#+ ..
months ending April 30,with tenants about developing purely speculative report said. , .- ,V '
absorbing more than 3.4 million projects and letting things get out of But ed only
aver a first vice presi- •" i 1
square feet according to the annual hand." dent at Bloomington-based C13i
update compiled by the Minnesota In the 1980s,a lot of small"hobby Commercial,believes there is a slow�4, u 4
Chapter of the National Association of developers"got into the mix, adding INDUSTRIAL to page 3
414*
tnal and Office Properties to.the oversupply problem Hoyt said. a .4 sa t
P). Also,there's a big difference between _ p
illt as another 6.4 million square "planned"projects and projects where , ._ _. c 1,;!,u1,,,,,.,
. t 446
feet is either under construction or "someone has stuck a spade in the = - 1 `� ,
planned for this year, people in the ground." The southwest sector has lii a 171 II I /�
industry are starting to wring their John DeVries,a senior man• ager in million square feet of lindustrl-�
hands a bit worrying if and when all Arthur Andersen's real estate services al development planned or , 3 ``
under construction in sites' -`7‘.711:,-;":-.'
�•. i
the new warehouses and showrooms group in Chicago,agreed that builders such as Shakopee's Valley 'T
will lead to a bust similar to the one are generally more prudent today than- Green Business Park
the market experienced in the late in the 1980s.Much of the new con
1980s. struction •is being done by national
"Everyone is wondering when it's firms that are using better marketing '
going to slow down," said Mike intelligence to make development
Meents, with Minneapolis-based decisions."These real estate decisionsW r � ,
Towle Financial Services Midwest aren't local decisions anymore," said
Inc. "At this point, lenders haven't Louis Suski of Wayzata-based A....,...--'
really been concerned about all the American Industrial Properties, who ` NOW ■ - "- s . , ,
space going on line.That may change will talk about the potential for over- }
next year if space doesn't lease upas building at NAIOP's Minneapolis 1 s# f l
fast as it's been going." chapter meeting on Tuesday morning. ;.ems 3F
Industrial development is a differ- "Overall, it looks like the �_ s " * _
ent animal from office and retail space Minneapolis market is very much in �-- - r`r 4 ""
3.,,,,,.,1,,,_,
t '.,
because it canbe built very quickly balance," he continued. "The only —� .,_ --� �` - j : r
with little investment, and conse-
quently,the market can overheat very Industrial building is still booming
quendy,theetas and others said."It's
also fairly easy to slow it down,"
Meents added Region 1946 construction* Absorption* Under construction " Planned for 1997
Another risk is that a lot of the new
,'Res &'NW 938,427 622064 803200 - 963,100
development is built on spec,meaning Y =3Mpls&No 1,064,649 1,080,732 276,215 :; 508,600
that tenants aren't signed until the
building is under construction. St.Paul/Mid way/East Metro 718,420 , 250,230 0 806,950
Developers, however, really have no E :Bloomington&South- • •753,041 788,632" 866,866 -_ 406,000
choice,Meents said."The market has :.Southwest 551,600 • 676256 491,000_ 1,324,000
not responded to proposed projects as r- Total squarefootage - .4,026,377 3,424,894 2,437,681 - 4,006,650
jahrhey want to see that it's actual- "
giptg done." t allrou8h AprA 30 I997 Source NLnnesota Chapter,Naoonol Assodanon of Industrial and OJ{ice Properties
HEALTH CARE But Tar et Stores certain ractice will continue example,"Piro Baia.
Haze g p The issue, one source said, is cal
employer make it more expensive for
By John Manning Rowayton, Conn., office of Hewitt hep who are at a higher risk of ha
Saff reporter Associates said the law allows for discounts health-care problems to buy shays
�a� �� �.ww coverage? If the eovernment says I
CityBusiness August 15,1997 35
•
INDUSTRIAL house structures with 24-foot ceilings and 40
percent or less office space. Investors love
from page 6 them because they cost less in the long run to
operate,but Suski said he's received several
down. "As the summer ends, there's been calls for showroom space (meaning lower
probably a little bit more development than ceilings) and industrial properties that are
demand," he said. The critical question is more than 50 percent office. -
whether demand will continue' Another geographic area the industry is
Since 1993, lease rates have spiked by watching closely is the southwest market,
between 25 percent and 35 percent. But which has 1.8 million square feet of indus-
some discounts and slightly enhanced tenant trial space either under construction or
ear's record$902 mil- improvements are starting to be offered to planned—the highest level among all the
year ended May 31. tenants, Shaver said. "Nothing like the free Twin Cities geographic sectors,according to
Ilion;cash flow rose 5
lion.Company offi- rents of the early'90s,"he added. the NAIOP report.
;s,including commodi- But if there is an oversupply, it's a Leading that construction is Shakopee,
rkets,were strong,but regional phenomenon, said Scott where the new Bloomington Ferry Bridge has
1 oilseeds and excess Frederiksen, an industrial broker with made driving to the once remote community
pany's processing Bloomington-based Welsh Cos. Inc. a short hop. Hoyt Development, Chicago-
"Certain submarkets have an excess of based First Industrial Real Estate, and Des
space,"he said,pointing to the Twin Cities' Moines-based Principal Mutual Life
;ales up northwest sector as an area that may be Insurance Co.,among others,are all building
,icland Stores Corp. reaching the saturation point, especially in significant spec warehouse and
:comparable-store Plymouth. "New product in Plymouth has warehouse/office space in Shakopee's Valley
red Aug.2 rose 9 1.4 pe
rod increasedd bby r- been slower to lease than developers rs would Green Business Park. "There is an extreme
,ompared with$109.9 like,"Frederiksen said. : level of enthusiasm that we now have by way
,eriod ended Aug.3, The northwest submarket, however, did of fantastic access," said Jon Albinson,pro-
s. have the lowest overall industrial vacancy ject director for the privately owned park.
rate of 6.3 percent of all the markets in June, Albinson touts Shakopee as the altema-
1pro r trading ' according to United Properties. Live to Eden Prairie and west Bloomington,
usure Inc.has denied Suski, a broker for Carlson Business which have virtually run out of space for
ck trading,allegations Center in Plymouth among other projects, new industrial development. "There just
tock Exchange to stop believes there is some cause for concern ain't no land on the north side of the river
t investigated The everywhere, including'the northwest "We anymore,"he said.,
:h conducts much of its
:nits stock jump from don't see the same amount of pent-up However,industrial brokers and develop-
7 in a seven-month demand you saw a year ago,"he said,adding ers throughout the metro area are waiting to
ed at$15. that the:first phase:of Carlson Business see whether that's true. "I think it's
Center was totally leased in May 1996,but unproven,"said Suski."In the past,it was a .
ng Kong flights the second phase is still 20 percent vacant, stretch to get somebody to go north of
:t Airlines has received Carlson Real Estate Co. Inc., which [Highway] 55 in Plymouth. Now you're
it nonstop service to developed the business center,using up all asking people to go across the river?People
'lans to run three the industrial land it owns,will be focusing set their perimeters?'
on office space unless a tremendous Indus- Arne Cook, regional director of First
tional shares trial opportunity comes along, said" Matt Industrial, which plans to develop 750,000
Van Slooten,the Minnetonka-based compa square feet of space at Valley Green,agreed
p to three minion new ny's managing director of investments. that prudence is necessary and is only build-
for the bagel wars in And that's fine with him. "There'sget- in 126,000 square feet in the first phase.
mpany wants to use g q
cease the number of ting to be more competition`among those "We'll see how the leasing goes on the first
tares it owns and oper- new [industrial] buildings than there were project,"Cook said:
th area.The comps- five years ago,"he said.Since many of those However, other markets remain very
t its value when it dis- buildings have similar specifications and strong,especially if there's limited space to
fling the plan- locations, they end up competing on price. build,such as the Midway area,where First
'We don't want to compete on price,"Van Industrial is developing a 100,000-square-
panded Slooten said, foot business center. "There's significant
pipeline project, n Suski said the market might need to diver- barriersto en
orthern States Power try with respect to obtaining
Jna:, e 800 mile " sify a bit after concentrating on office/ware- 'larger pieces of land,"Cook said ■
coin oba to
to .p to 1.2 bit-
'he addition of another INCENTIVES
system could force
to 2 billion cubic feet from page 6 3 t t 4.4
`Because smoking is not a diagnosis,or a r`
ig and Tim JohnsonF
physical condition,it is a lifestyle choice,youri 1
are able to give a discount[for nonsmokers],
It(612)441-71741]8125/97 (912:08 PM p2/2
INFORMATION
SolarAttic, Inc.0
• 15548 95th Circle NE,Elk River,MN 55330 24 Hours/day (612)441 3440 Fax(612)441-71'
et:
For Immediate Release: Contact:
August 25, 1997 James Stanley (612)441Intern-3440SolarAUicQaol.ct
James Kantorowicz (612)441-3440
New SolarAttic Ridge Ventilator Debuts At State Fair
Elk River, Minn. (August 25, 1997)-- SolarAttic, inc. announced today that its new ventilation
product called the"SolarAttic Ridge Ventilator"has been released and is now debuting at the
Minnesota State Fair Home Improvement Building through September 1st. The new product takes
advantage of the company's recently patented duct technology that collects and distributes air evenly
along its entire length. The Ridge Ventilator opens up a new era in attic ventilation technology.
Ventilation of the attic has been an uncontrolled process which often did not work very well. The
• formation of ice dams is one result of poor ventilation of the attic. SolarAttic's Ridge Ventilator will
provide year around controlled automatic ventilation of the attic. Winter ventilation is activated by
either a low temperature condition or a combination of low temperature and excess humidity. The
company expects that its new product will eliminate the problem of ice dams in the winter. In the
summer, excess attic heat is vented thereby reducing air conditioning costs. Unlike power roof vents
that provide limited attic ventilation, the Ridge Ventilator provides a"systems solution"located inside
the attic for totally controlling attic heat and moisture levels. It eliminates the need for any roof vents.
Ed Palmer, SolarAttic's president, said: "The Ridge Ventilator is an exciting new product addition for
SolarAttic. The company has been working on this new technology for several years and is very
pleased to introduce this new product. The product takes full advantage of the company's proprietary
and patented new duct technology. The Ridge Ventilator has been well received and will play an
important role in the company's future revenues. Product information can be obtained on the Internet
at http://www.solarattic.com." For further information, contact James Stanley or James Kantorowicz
at(612) 441-3440.
####
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6127828578 P.01
08-19-1997 07:36PM
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