Downtown Minneapolis Office Market

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

Postby MNdible » December 30th, 2012, 9:00 am

With all due respect to downtown St Paul, Minneapolis hasn't lost much to it lately, and when it has, it's been public sector stuff. The market knows better.

TWA
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Re: Downtown Office Market

Postby TWA » December 30th, 2012, 10:04 am

mullen wrote: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.
Hotel and high end residential go well- the condo market is thin so that's a possibility. I don't see Minneapolis going for a "true" mixed use building that includes office though.

Maybe the potential convention center hotel could include a condo component to placate the vocal height obsessed people...

Unity77
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Re: Downtown Office Market

Postby Unity77 » December 30th, 2012, 12:00 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
Too bad that increasing desire to want to live downtown couldn't save the 6 floors that were cut from the Nic. ;) Joking aside, that increasing number of those desiring to live downtown is still very small. Also, for every person who wants to work downtown, there is one who wants to work in the burbs. I'm amazed by the number of people who complain about their commute, public transportation, having to pay for parking, crowds of people, etc...

It's nice to read about people wanting to move downtown, but I want to start seeing articles about how many of our large corporations (Fortune 500 and private companies) are desiring to relocate downtown or at least move a significant number of jobs downtown.

ECtransplant
US Bank Plaza
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Re: Downtown Office Market

Postby ECtransplant » December 30th, 2012, 2:16 pm

Unity77 wrote: I want to start seeing articles about how many of our large corporations (Fortune 500 and private companies) are desiring to relocate downtown or at least move a significant number of jobs downtown.
Here you go: http://m.startribune.com/?id=183450161

mnmike
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Re: Downtown Office Market

Postby mnmike » December 30th, 2012, 2:18 pm

Well, that is keeping workers downtown, but not moving new workers downtown. Though I am pretty sure I remember seeing articles about a couple smaller companies moving their offices downtown relatively recently.

ECtransplant
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Re: Downtown Office Market

Postby ECtransplant » December 30th, 2012, 2:22 pm

The Wells Fargo development would be bringing in their workers from outside downtown. They would still keep their namesake tower space, from what I understand

Edit: just reread the Strib article. Seems they do talk about consolidating downtown space. I swear I heard somewhere about non-downtown workers being brought into this development though
Last edited by ECtransplant on December 30th, 2012, 2:42 pm, edited 1 time in total.

ECtransplant
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Re: Downtown Office Market

Postby ECtransplant » December 30th, 2012, 2:24 pm

Also doubling the downtown population is pretty significant. All those people are going to have to work somewhere. Plus all the growth in nearby uptown and northeast . . .

sushisimo
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Re: Downtown Office Market

Postby sushisimo » December 30th, 2012, 2:53 pm

ECtransplant wrote: but Minneapolis and St. Paul really need to work together and not fight against each other.
I'd almost say that St. Paul has taken 3rd place behind a very strong and turd-like shaped Bloomington-Eden Prairie economic hub. Anybody who is in a job hunt and looking for mover-and-shaker companies knows that area is the main piston firing in the metro area.

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Nathan
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Re: Downtown Office Market

Postby Nathan » January 2nd, 2013, 3:33 pm

Unity77 wrote:It's nice to read about people wanting to move downtown, but I want to start seeing articles about how many of our large corporations (Fortune 500 and private companies) are desiring to relocate downtown or at least move a significant number of jobs downtown.
Or these too...

http://hbr.org/2010/05/back-to-the-city/sb1

http://urbanland.uli.org/Articles/2011/ ... rbanOffice

http://www.brookings.edu/blogs/the-aven ... leinberger

http://management.fortune.cnn.com/2011/ ... -downtown/

http://www.chicagobusiness.com/article/ ... o-the-city

pacman021
Block E
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Re: Downtown Office Market

Postby pacman021 » January 2nd, 2013, 3:44 pm


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Avian
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Re: Downtown Office Market

Postby Avian » January 2nd, 2013, 4:27 pm

^Interesting last paragraph:

"Plaza Seven is under contract to be sold to an undisclosed buyer. The Radisson hotel that's attached on the lower floors of the tower is also expected to be sold to a different group."

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

Unity77
Landmark Center
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Re: Downtown Office Market

Postby Unity77 » January 2nd, 2013, 6:42 pm

ECtransplant wrote:
Unity77 wrote: I want to start seeing articles about how many of our large corporations (Fortune 500 and private companies) are desiring to relocate downtown or at least move a significant number of jobs downtown.
Here you go: http://m.startribune.com/?id=183450161
This is nice, but where in the article did a company spokesperson state her/his company has a desire to relocate downtown? This article is speculating that Wells Fargo will consolidate its downtown offices.
pacman021 wrote:Would love to see more of this!
http://www.bizjournals.com/twincities/b ... arget.html
Yes! More of these moves.

seanrichardryan
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Re: Downtown Office Market

Postby seanrichardryan » January 2nd, 2013, 7:07 pm

Avian wrote:^Interesting last paragraph:

"Plaza Seven is under contract to be sold to an undisclosed buyer. The Radisson hotel that's attached on the lower floors of the tower is also expected to be sold to a different group."
It was my understanding they were going to convert that to the Radisson Blu concept.
Q. What, what? A. In da butt.

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Avian
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Re: Downtown Office Market

Postby Avian » January 14th, 2013, 2:18 pm

Perhaps this belongs in Anything Goes, but I thought it was applicable to the speculation regarding the downtown office market.

We've been hearing about prospects for new buildings downtown and the one thing going against the idea of height is that there is ample land available. So why build tall?

Given that there have been dozens of very-high to supertall buildings being built all over the world (though mostly in Asia and the Middle East) would there be any side benefits to the US market in terms of advancing building technology?

What I'm getting at is this: Is it more economical to build tall now, than it was 20 years ago? If so, could a supertall be built utilizing the latest skills for a price comparable to a 700-footer in the past?

I hate to bring up the idea, but could outsourcing building components bring savings in high-rise construction in much the same way that outsourcing of jobs has in other industries?

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

gahwi003
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Re: Downtown Office Market

Postby gahwi003 » January 14th, 2013, 3:55 pm

Avian wrote: We've been hearing about prospects for new buildings downtown and the one thing going against the idea of height is that there is ample land available. So why build tall?
A majority of the ample land available is in the DTE ghost town. Would it be more price efficient to build shorter buildings on a larger footprint? Yes. However, building tall does have its advantages. Cost of renting/buying floors increases as you increase height, due primarily to views IMO.

MNdible
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Re: Downtown Office Market

Postby MNdible » January 14th, 2013, 6:14 pm

If anything, I'd guess that codes and owner expectations have made building tall more expensive rather than less expensive. More stringent life-safety requirements, making structures more robust due to terror concerns, better (but more expensive) curtainwalls, adding more elevator banks for user convenience, etc.

spearson
Union Depot
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Re: Downtown Office Market

Postby spearson » January 15th, 2013, 5:16 pm

On the first page there were people wondering about the "LED" wall, or something of that manner for FSN North. I think that is now in place, and is essentially a floor to ceiling tv on the skyway level. I have a picture I can post later tonight.

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trkaiser
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Re: Downtown Office Market

Postby trkaiser » January 16th, 2013, 7:02 pm

Spurred by their positive earnings news today, does anybody know how US Bank's office space needs are looking?

MplsTodd
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Re: Downtown Office Market

Postby MplsTodd » January 16th, 2013, 7:14 pm

trkaiser wrote:Spurred by their positive earnings news today, does anybody know how US Bank's office space needs are looking?
I just read that US Bank was leasing space inthe Best Buy HQ campus in Richfield, across from their big facility at Meridian One & Two. But,who knows, maybe their downtown office may be growing too.

min-chi-cbus
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Re: Downtown Office Market

Postby min-chi-cbus » January 16th, 2013, 9:51 pm

MplsTodd wrote:
trkaiser wrote:Spurred by their positive earnings news today, does anybody know how US Bank's office space needs are looking?
I just read that US Bank was leasing space inthe Best Buy HQ campus in Richfield, across from their big facility at Meridian One & Two. But,who knows, maybe their downtown office may be growing too.
Well technically that can't be such a bad thing, no (leasing space at BBY)? That just tells me that they have immediate space needs and are looking for a temporary solution. Wells Fargo has lots of space scattered throughout the metro and now it's consolidating some of that space at the Strib blocks. Maybe US Bank will do the same soon?


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