Downtown Minneapolis Office Market

Downtown - North Loop - Mill District - Elliot Park - Loring Park
mulad
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Re: Downtown Office Market

Postby mulad » December 4th, 2012, 1:30 pm

Google still lists them at 1 Main St SE. Hennepin & Main St, a block closer to the river than Nye's.

Didier
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Re: Downtown Office Market

Postby Didier » December 10th, 2012, 5:41 pm

Yeah I know somebody who works at FSN and apparently they did move (from St. Anthony Main area) a while back.

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Avian
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Re: Downtown Office Market

Postby Avian » December 15th, 2012, 2:59 pm

Regarding the Ryan/Strib project, I wonder how this will affect demand for additional office space in the core. Hines was shopping for tenants for its proposed building at 10th & Marquette and if Wells Fargo is off the table do you think it would affect the size of that project? Additionally, if Target is "parking" their property across from their HQ would that further reduce the prospect of a tall tower for Hines?

“Wise men speak because they have something to say; fools because they have to say something.”
― Plato

mnmike
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Re: Downtown Office Market

Postby mnmike » December 15th, 2012, 5:04 pm

I hadn't heard anything about a project at 10th and Marquette for years, and even then it was just a brief mention. I would assume that is totally dead...Hines wouldn't be marketing two towers at once in this market I don't think. That would be competing against themselves.

John
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Re: Downtown Office Market

Postby John » December 15th, 2012, 7:58 pm

mnmike wrote:I hadn't heard anything about a project at 10th and Marquette for years, and even then it was just a brief mention. I would assume that is totally dead...Hines wouldn't be marketing two towers at once in this market I don't think. That would be competing against themselves.
I have heard from a reliable source they are still visualizing building something tall at 10th and Marquette, but no firm proposals. I don't think it's quite dead, but as you say they may be competing against themselves right now. My biggest hope for 10th and Marquette would be for Dorsey and Whitney to relocate there, but maybe they are interested in the Warehouse District office building?

min-chi-cbus
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Re: Downtown Office Market

Postby min-chi-cbus » December 15th, 2012, 8:28 pm

John wrote:
mnmike wrote:I hadn't heard anything about a project at 10th and Marquette for years, and even then it was just a brief mention. I would assume that is totally dead...Hines wouldn't be marketing two towers at once in this market I don't think. That would be competing against themselves.
I have heard from a reliable source they are still visualizing building something tall at 10th and Marquette, but no firm proposals. I don't think it's quite dead, but as you say they may be competing against themselves right now. My biggest hope for 10th and Marquette would be for Dorsey and Whitney to relocate there, but maybe they are interested in the Warehouse District office building?
Law firms are so customer-focused (like banks) that they tend to be the epitome of Class A office space: lots of glimmer and shine. I'm sure there are exceptions to this but I'd expect Dorsey & Whitney (or the like) to sooner build a brand-spanking new Class A tower than refurbish a 100+ year old warehouse.

Dorsey alone wouldn't be able to build a tower at 10th & Marquette, since I don't think they're looking for more than 250K SF.....but they could either be a big enough anchor for a spec site or they could combine efforts with other companies looking for space (likely not another law firm).

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Re: Downtown Office Market

Postby twincitizen » December 27th, 2012, 3:29 pm

Everything we've ever wanted to know about the state of the downtown office market: http://finance-commerce.com/2012/12/lan ... buildings/ (free)

nasa35

Re: Downtown Office Market

Postby nasa35 » December 28th, 2012, 1:51 am

twincitizen wrote:Everything we've ever wanted to know about the state of the downtown office market: http://finance-commerce.com/2012/12/lan ... buildings/ (free)
Do I see a 1000 foot tower on the horizon?

min-chi-cbus
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Re: Downtown Office Market

Postby min-chi-cbus » December 28th, 2012, 9:10 am

nasa35 wrote:
twincitizen wrote:Everything we've ever wanted to know about the state of the downtown office market: http://finance-commerce.com/2012/12/lan ... buildings/ (free)
Do I see a 1000 foot tower on the horizon?
You will if it's built! ;)

mattaudio
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Re: Downtown Office Market

Postby mattaudio » December 28th, 2012, 9:33 am

ba dum chk!

min-chi-cbus
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Re: Downtown Office Market

Postby min-chi-cbus » December 28th, 2012, 10:09 am

I'm here all week!

John
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Re: Downtown Office Market

Postby John » December 28th, 2012, 10:18 am

nasa35 wrote:
twincitizen wrote:Everything we've ever wanted to know about the state of the downtown office market: http://finance-commerce.com/2012/12/lan ... buildings/ (free)
Do I see a 1000 foot tower on the horizon?
Maybe not 1000 feet, but it sure makes the 10th and Marquette parcel appear very desirable for office development.

mattaudio
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Re: Downtown Office Market

Postby mattaudio » December 28th, 2012, 10:22 am

Meaning the old two story brownstones on the northeast corner of the block? Wasn't there just some development of that one-story office between WCCO and the alley? And Target just renovated the Nicollet face of the block.

Or do you mean the parking lot between 9th and 10th where the iconic Prince photo was taken in front of the old Schmitt Music mural?

mnmike
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Re: Downtown Office Market

Postby mnmike » December 28th, 2012, 12:52 pm

Next to the mural...the Handicraft building across the street is historic, and can't be torn down.

nasa35

Re: Downtown Office Market

Postby nasa35 » December 28th, 2012, 1:18 pm

min-chi-cbus wrote:I'm here all week!
:lol:

Unity77
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Re: Downtown Office Market

Postby Unity77 » December 28th, 2012, 2:30 pm

nasa35 wrote:
twincitizen wrote:Everything we've ever wanted to know about the state of the downtown office market: http://finance-commerce.com/2012/12/lan ... buildings/ (free)
Do I see a 1000 foot tower on the horizon?
Not in Minneapolis.

Remember the Twin Cities area has several municipalities competing against one another for local headquarters, which our corporate leaders welcome. Furthermore, it's safe to state that most TC executives and the local workforce would rather be in sprawling, suburban campuses instead of downtown office buildings. That said, it's unlikely that we will ever see a 1000 foot tower in Minneapolis.

ECtransplant
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Re: Downtown Office Market

Postby ECtransplant » December 28th, 2012, 4:23 pm

Can't tell if the above post is serious. The competing municipalities is counter productive but the city is successfully working towards doubling the downtown population, while Northeast and Uptown are also growing, and numerous sources cite the increasing desire of younger people to live and work in the city. With the surface lots finally starting to get developed, Minneapolis is going to have to build up somewhat soon.

Whether or not the next tower is 1000 feet, I'd expect to see continuing and increasingly dense and tall development in Minneapolis for the foreseeable future

John
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Re: Downtown Office Market

Postby John » December 28th, 2012, 6:36 pm

ECtransplant wrote:Can't tell if the above post is serious. The competing municipalities is counter productive but the city is successfully working towards doubling the downtown population, while Northeast and Uptown are also growing, and numerous sources cite the increasing desire of younger people to live and work in the city. With the surface lots finally starting to get developed, Minneapolis is going to have to build up somewhat soon.

Whether or not the next tower is 1000 feet, I'd expect to see continuing and increasingly dense and tall development in Minneapolis for the foreseeable future
Yes, I think your comments are right on target for the future. One of the positives of this apartment boom is it has gobbled up a lot of vacant land downtown and elsewhere. It makes the remaining land more valuable and more likely for taller buildings with the density becoming more vertical. Good news for us high rise fans!

mullen
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Re: Downtown Office Market

Postby mullen » December 29th, 2012, 11:52 pm

i can see a tower that high. a combination of office, residential, perhaps a hotel. all of these types of mega buildings are a mix...

competition for large office users exists in every metro in the country. there is nothing special about our situation. companies swap suburban for city and vice versa.

ECtransplant
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Re: Downtown Office Market

Postby ECtransplant » December 30th, 2012, 12:10 am

mullen wrote:competition for large office users exists in every metro in the country. there is nothing special about our situation. companies swap suburban for city and vice versa.
True, but it's beyond the suburbs vs. the city. Even the core cities do this to each other. I doubt Manhattan would be what it is today if the five boroughs never consolidated and Brooklyn and Manhattan remained separate cities competing against each other. It's gotten better than it used to be, but Minneapolis and St. Paul really need to work together and not fight against each other.


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