Downtown Minneapolis Office Market

Downtown - North Loop - Mill District - Elliot Park - Loring Park
CalMcKenney
City Center
Posts: 36
Joined: April 2nd, 2019, 8:54 am

Re: Downtown Minneapolis Office Market

Postby CalMcKenney » August 8th, 2019, 1:23 pm

As a 22 year old I have almost no contextual reference, but does it feel like companies are beginning to move back into Minneapolis more than they have in recent years? It may be that I'm simply not paying attention to stories about companies moving out for the suburbs, but the headlines seem good as of late. It'd make sense to me as a way for a company to attract young workers who wish to both live and work in the city.

QuietBlue
Rice Park
Posts: 488
Joined: September 14th, 2012, 8:50 am

Re: Downtown Minneapolis Office Market

Postby QuietBlue » August 9th, 2019, 8:17 am

Yes, it's been happening for a while now. It seems to me like it has slowed a little bit, but it hasn't stopped. It's one of those things that makes more sense for certain companies and types of companies than others, and I think that will affect how much of it we see going forward.

The main benefit to being in the city for employers is the central location relative to the rest of the metro, and the proximity to things like hotels, transit, etc. I see it more about attracting larger numbers of workers rather than just younger ones. For example, I live and work in the south suburbs, and I'd sooner accept a position in downtown Minneapolis than, say, Lino Lakes, because I can at least use express buses to get to and from downtown (and I did that for about ten years).

SurlyLHT
US Bank Plaza
Posts: 657
Joined: February 21st, 2017, 3:50 pm

Re: Downtown Minneapolis Office Market

Postby SurlyLHT » August 9th, 2019, 9:41 am

I'm hoping the SWLRT helps bring more jobs Downtown by connecting the SW metro corporate campuses to Downtown. Especially UnitedHealth Group.

bubzki2
US Bank Plaza
Posts: 719
Joined: September 19th, 2012, 5:38 pm
Location: Snelling-Hamline

Re: Downtown Minneapolis Office Market

Postby bubzki2 » August 9th, 2019, 10:20 am

Another thing to bear in mind is that the decision makers at businesses are still vast majority Boomers for now. When Millennials finally take over the leadership roles at law firms, financials, etc. that are currently in the burbs, I look for a mass migration of businesses back to the city centers. But I might just be projecting.

QuietBlue
Rice Park
Posts: 488
Joined: September 14th, 2012, 8:50 am

Re: Downtown Minneapolis Office Market

Postby QuietBlue » August 9th, 2019, 2:29 pm

The Millennials have to wait behind the Gen-Xers, aka the powers behind the throne at a lot of these places. :)

I'm sure we will still see more companies locate downtown over time, but my gut feeling is that most of the major ones that would, have done so by now or are in the process of it. I thought most of the major financial companies and law firms were already downtown anyway.

Plus, as living in the core cities becomes more expensive, more people in their 20's and 30's are going to live further out in the suburbs. Obviously young people are not going to stop living in the cities, because they always have, but a lot of the growth was fueled by the low housing prices at the start of the decade.

twinkess
Rice Park
Posts: 466
Joined: November 26th, 2012, 10:46 am

Re: Downtown Minneapolis Office Market

Postby twinkess » August 9th, 2019, 4:40 pm

Don't forget the Xennials!

David Greene
IDS Center
Posts: 4756
Joined: December 4th, 2012, 11:41 am

Re: RE: Re: Downtown Minneapolis Office Market

Postby David Greene » August 9th, 2019, 6:51 pm


QuietBlue wrote:The Millennials have to wait behind the Gen-Xers, aka the powers behind the throne at a lot of these places.
Gen-X and "power." Hahahahahaha ha hahahaha haha ha haha ha ha..ha...ha.

Oh wait, you were serious?

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