Re: Downtown Office Market
Posted: 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.
Architecture, Development, and Infrastructure of the Twin Cities
https://urbanmsp.com/
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.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.
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...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
Here you go: http://m.startribune.com/?id=183450161I 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.
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.but Minneapolis and St. Paul really need to work together and not fight against each other.
Or these too...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.
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.Here you go: http://m.startribune.com/?id=183450161I 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.
Yes! More of these moves.Would love to see more of this!
http://www.bizjournals.com/twincities/b ... arget.html
It was my understanding they were going to convert that to the Radisson Blu concept.^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."
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.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?
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.Spurred by their positive earnings news today, does anybody know how US Bank's office space needs are looking?
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?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.Spurred by their positive earnings news today, does anybody know how US Bank's office space needs are looking?