2019.08.07 EDC Packet - Laserfiche WebLink

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4-58 New Brighton Comprehensive Plan | 2040 business leaders and innovators. ED 3.3 Ensure city regulations are effective at ensuring a safe and quality built environment and do not create unintended consequences or barriers to business development and growth. ED 4.0 Establish a stronger community identity and sense of place ED 4.1 Continually explore and understand emerging trends (local, regional, national, and global) and opportunities for economic development. ED 4.2 Collaborate with the community to understand demand for services and business development that provides jobs and tax base AND a desired community services. Existing Conditions Office Market New Brighton has traditionally not had a significant amount of office space relative to other areas in the northern suburbs and the larger metro area. Whereas the overall office market in the Twin Cities metro area comprises around 83 million square feet, and the West / Northwest submarket (containing New Brighton) contained nearly 14 million square feet of leasable space, in 2016 , the City of New Brighton itself contains just over 700,000 square feet of leasable office space, as of the third quarter of 2016 . The vacancy rate for office space in New Brighton of 8.5 percent in the 2nd quarter of 2016 trails the overall vacancy rate for the West / Northwest submarket of around 10 percent. The average lease rate in New Brighton, for all classes of office combined, of just over $20 per square foot, per year, for the second quarter of 2016 exceeds the overall average lease rate in the West / Northwest submarket of around $14, during the same period. The New Brighton Exchange development along Old Highway 8, and north of I-694, represents the largest office development in the history of the community. API and Cardiovascular Systems are the two largest tenants in the development. Parcels that would accommodate future office space remain along the eastern portion of the project. Outside of New Brighton Exchange, the office market in the city includes a range of older, and smaller format, office spaces along and near Silver Lake Road, including a variety of spaces used for medical office and for smaller professional offices. The New Brighton Village Center, at 919-929 Old Highway 8, just to the north of City Hall, has performed fairly well in the local market. Key Takeaways from Office Market: »The New Brighton area is a very small portion of the overall Northwest submarket and the larger Twin Cities office market. Outside of the larger format offices that have developed at New Brighton Exchange, the New Brighton area does not represent a key cluster for offices or employment in the region. The city largely includes smaller sized office developments geared to small companies, medical office locations, and similar land uses. »While the size of the New Brighton office market is relatively small, the City has demonstrated strength in terms of lease rates and vacancy rates in recent years. CREATE A SENSE OF PLACE & THE “FEELING” OF COMMUNITY