01Industrial
- Vacancy
- 3.4%
- Sublease
- 214,000 SF
- Absorption
- +1,240,000 SF
- Under construction
- 1,850,000 SF
- Asking rate
- $7.65
- Year on year
- +7.8%
Quoted nnn.
- Home
- Submarkets
- Eagan and Airport South
Eagan and Airport South
The metro's deepest bulk distribution inventory, and the tightest vacancy of any industrial submarket we track.
- Eagan
- Mendota Heights
- Burnsville
- Industrial vacancy
- 3.4%
- Asking rate
- $7.65
- Year on year
- +7.8%
- Access
- Interstates 494 and 35E, nine minutes to the MSP cargo apron
Reading the submarket
Airport South is where Twin Cities distribution happens. Interstate 494 runs east to west across the top of the submarket, 35E runs north to south through the middle, and the MSP cargo apron is nine minutes from most of the inventory.
The modern product here delivers at 32 to 36 feet clear with ESFR sprinklers, 130 to 185 foot truck courts and trailer parking, which is the specification a regional distributor now expects. Older 1990s product at 24 to 28 feet clear still leases, but at a widening discount and usually to users whose pallet counts do not need the height.
Vacancy has been under four percent for eleven consecutive quarters in our tracking. The practical effect is that a requirement over 100,000 square feet has perhaps three or four real options at any moment, and concessions are thin.
Current fundamentals
Seven metrics per property type. Sublease availability is listed separately because it competes with direct space on price and the headline vacancy figure hides it.
| Property type | Vacancy | Sublease available | Net absorption | Under construction | Asking rate | Structure | Year on year |
|---|---|---|---|---|---|---|---|
| Industrial | 3.4% | 214,000 SF | +1,240,000 SF | 1,850,000 SF | $7.65 | NNN | +7.8% |
| Office | 16.1% | 96,000 SF | +18,000 SF | 0 SF | $17.80 | NNN | +0.4% |
| Retail | 6.6% | 8,000 SF | +22,000 SF | 18,000 SF | $24.40 | NNN | +2.1% |
02Office
- Vacancy
- 16.1%
- Sublease
- 96,000 SF
- Absorption
- +18,000 SF
- Under construction
- 0 SF
- Asking rate
- $17.80
- Year on year
- +0.4%
Quoted nnn.
03Retail
- Vacancy
- 6.6%
- Sublease
- 8,000 SF
- Absorption
- +22,000 SF
- Under construction
- 18,000 SF
- Asking rate
- $24.40
- Year on year
- +2.1%
Quoted nnn.
Sample Illustrative figures for a demonstration website. Real submarket research is published quarterly and is available on request.
Available in Eagan and Airport South
01Industrial
Eagan Logistics Park, Building 9
3400 Northwood Circle, Eagan
- Available
- Divisible
- Size
- 128,500 SF
- Base rate
- $7.25
- Gross
- $9.35
Cross dock capable bulk distribution nine minutes from the MSP cargo apron, with ESFR sprinklers and a 135 foot court.
Space detail
Who covers it
Marcus Brenner
Principal, Industrial brokerage
Marcus has worked the airport south and northwest industrial corridors since 2004 and has leased or sold in most of the buildings in both. He came to brokerage from operations, having run distribution for a regional food wholesaler, which is why his first questions are usually about pallet positions and shift patterns rather than about rate.
Nearby submarkets
01Office
02Office
03Office
Looking at Eagan and Airport South
We will send the current availability set, the comparable deals we know about and an honest view of what the submarket will actually agree to.