Downtown Minneapolis Office Market

[mister.shoes]

Right. Which is one of the great signs: they value transit more than the brand spanking new office building on 494.

[FISHMANPET]

It's things like this that make me not really worry that much about making it .1% harder for someone to get Downtown when they start their journey in a car.

[phop]

Very positive article on downtown commercial real estate in 2016:

http://www.startribune.com/panel-sees-m ... 366133871/

However, sounds like a lot is riding on the success of T3.

[min-chi-cbus]

Is "565 NoLo" the 20-something-story glassy office buildings proposed directly across from Target Field? I have a hunch that T3 will lease up very quickly, with strong tenants. I, for one, am a Millennial who would love to work in that area, new or old. Case in point: I've been looking for new roles targeting companies like Arctic Cat and Fast Horse just to get an opportunity to work in the NL. I think the fact that T3 is all wood is a new niche that is going to make it especially attractive, making it a good project to set the demand precedent in the sub-market.

[grant1simons2]

565 Nolo is the 10 story proposal by United Properties. On that vacant lot near Target Field Station

[contrast]

Yes! CBRE moving 192 employees into Lasalle Plaza! This means moving 142 out of Bloomington.

http://www.bizjournals.com/twincities/b ... salle.html

That building along 494 is just a few years old. CBRE hasn't been in it long, so they're certainly not moving downtown simply for a nicer/newer office. Given that only 50 employees are already downtown and 3x that are coming from Bloomington, that's a real positive sign.

I think the most important part of the article is this:
CBRE’s Real Estate Accounting Services, led by executive managing director Patty Proshek and about 650 employees in Bloomington, will expand its office at Two MarketPointe, filing the space being vacated by CBRE’s real estate services employees, according to Hastings.
I had no idea they had so many employees in Bloomington, and with the move of the 140+ to downtown, they aren't giving up any of the Bloomington space, but clearly growing their staff their too- a major win for the metro overall. This implies they might be adding maybe anther 140 new hires in Bloomington- that is serious growth of their staff, if the article's implications are accurate. This is way better than just moving employees from the suburbs to downtown- but net growth overall. That is what keeps the market moving forward.

[HiawathaGuy]

Price-watching startup hops to North Loop and changes name
http://www.bizjournals.com/twincities/b ... -move.html
*LOCKED*

Gist:

Growing tech startup TrackIf has changed its name and left the suburbs for larger digs in Minneapolis' North Loop neighborhood.

Now called MyAlerts, the company recently relocated from Minnetonka to 9,000 square feet at 110 5th St. N.

The business has 22 employees and room to grow at its new headquarters, which are about 2,000 square feet larger than the company's previous space, founder Doug Berg said.

MyAlerts moved downtown partly because it was more convenient for people flying in and out of the Twin Cities.

[grant1simons2]

Gosh what a good location. You're within a couple blocks of Target Field, Target Center, light rail, First Ave, and more.

[xandrex]

Having worked in that building for a short period of time, I can confirm that it's awesome.

[grant1simons2]

http://www.startribune.com/downtown-s-r ... 368660441/

Good article about the downtown workforce being filled with companies that most people don't know about.

Still, about 200,000 square feet of net office space was absorbed last year. The recent occupancy growth is led by small firms that employ a few dozen to hundreds. And most are not household names.

[grant1simons2]

50 more workers in downtown Minneapolis as TQL opens up in the Fifth Street Towers

https://twitter.com/mspbjsamblack/statu ... 6165711872

[acs]

Valspar is being bought by Sherwin-Williams and their combined headquarters will remain in Cleveland

http://www.startribune.com/sherwin-will ... 372847241/

[EOst]

That would have to be a huge percentage of the domestic paint market. Cross your fingers on the antitrust review, I guess.

[grant1simons2]

maintain a "Significant presence" in Minneapolis

[xandrex]

Sherwin is, to a certain extent, already familiar with Minneapolis as they utilize at least one of the creative agencies here. But I was kind of disappointed to see another Minneapolis company gobbled up.

[min-chi-cbus]

That's at least 4 large/Fortune 500 companies taken off the list within the past decade, in one way, shape or form:

Valspar (est. 2017 - $4B revenue - bought by Sherwin Williams)
Medtronic (2016 - $17B revenue - bought Covidien)
Pentair (2013 - $7B revenue - merged with Tyco)
Northwest Airlines (2008 - $9B revenue - merged with Delta)

This is not to mention Honeywell, Norwest Bank, St. Paul Travelers and Lawson Software -- and I'm sure I'm missing others -- in recent history. The state has kept large presences of many of these companies but if the HQ moves doesn't most of the business tax base go with it?

Can/should the state do something about this, like Illinois has done?

[acs]

What has Illinois done? Sadly, I think the damage has been done already. We make a great feeder state for the business community on the coasts.

[mullen]

what damage has been? we have ton of robust, growing companies in the twin cities metro.
Valspar isn't fortune 500.
they have renovated buildings in downtown east for research and I don't think this space will be just vacated.
it's the nature of business.

[amiller92]

Medtronic (2016 - $17B revenue - bought Covidien)

Medtronic bought Covidien. While the legal "headquarters" moved to Ireland, I don't think anything meaningful did in terms of operations.

[seanrichardryan]

Medtronic (2016 - $17B revenue - bought Covidien)

Medtronic bought Covidien. While the legal "headquarters" moved to Ireland, I don't think anything meaningful did in terms of operations.

Not mention that has everything to do with national tax policies and international growth, not some failure on the local level.