Downtown Minneapolis Office Market

Downtown - North Loop - Mill District - Elliot Park - Loring Park
martykoessel
Nicollet Mall
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Re: Downtown Office Market

Postby martykoessel » October 9th, 2014, 2:36 pm

I can't look at that building at 330 S. 2nd (one of the blandest in the city) without feeling sad about the loss of the Metropolitan, which stood where the north end of 330 now bores the crap out of us. Of course, what's done is done and this has nothing to do with a good business expansion, but I'm just sayin'....

Minneboy
US Bank Plaza
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Re: Downtown Office Market

Postby Minneboy » October 9th, 2014, 5:12 pm

It's a very suburban looking building.

acs
Wells Fargo Center
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Re: Downtown Office Market

Postby acs » October 20th, 2014, 4:26 pm

http://www.bizjournals.com/twincities/b ... r-low.html

MSP office vacancy rates hit a 10 year low. Downtown MInneapolis has second lowest rate behind western suburbs. Downtown St. Paul has the highest rate among submarkets.

MNdible
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Re: Downtown Office Market

Postby MNdible » October 20th, 2014, 4:49 pm

Yes, and note that the Class A vacancy in downtown Minneapolis is now below 10%. I've mentioned it before, but while the Wells Fargo development will open up a lot of office space, it's likely none of it will be Class A.

min-chi-cbus
Capella Tower
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Re: Downtown Office Market

Postby min-chi-cbus » October 20th, 2014, 6:07 pm

MNdible wrote:Yes, and note that the Class A vacancy in downtown Minneapolis is now below 10%. I've mentioned it before, but while the Wells Fargo development will open up a lot of office space, it's likely none of it will be Class A.
Their new development won't be Class A? I thought part of the very definition of Class A was a building's age, making almost all new buildings Class A by default -- especially downtown buildings (location). That is, this is what I thought without looking up the definition online.

Class A: "3000 BC Nail polish originated in China. The early mixture contained bees’ wax, gelatin, gum arabic, and egg whites. For color, the Chinese added petals of flowers such as roses and orchids to their polish. After the Chinese dipped their hands in the mixture for several hours, the nails turned red or pink."

http://www.businessdictionary.com/defin ... ass-A.html

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FISHMANPET
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Re: Downtown Office Market

Postby FISHMANPET » October 20th, 2014, 6:13 pm

What he's saying is that the space WF is vacating downtown (because remember they're consolidating a lot of existing staff into this new building) won't be class A. So WF moving into their new tower will leave a lot of empty office space, it won't be class A.

xandrex
Wells Fargo Center
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Re: Downtown Office Market

Postby xandrex » October 21st, 2014, 8:30 am

min-chi-cbus wrote:Their new development won't be Class A? I thought part of the very definition of Class A was a building's age, making almost all new buildings Class A by default -- especially downtown buildings (location). That is, this is what I thought without looking up the definition online.

Class A: "3000 BC Nail polish originated in China. The early mixture contained bees’ wax, gelatin, gum arabic, and egg whites. For color, the Chinese added petals of flowers such as roses and orchids to their polish. After the Chinese dipped their hands in the mixture for several hours, the nails turned red or pink."

http://www.businessdictionary.com/defin ... ass-A.html
I think you may have copied something wrong. Your definition of Class A seems off. :mrgreen:

IllogicalJake
Target Field
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Re: Downtown Office Market

Postby IllogicalJake » October 21st, 2014, 8:38 am

xandrex wrote:
min-chi-cbus wrote:Their new development won't be Class A? I thought part of the very definition of Class A was a building's age, making almost all new buildings Class A by default -- especially downtown buildings (location). That is, this is what I thought without looking up the definition online.

Class A: "3000 BC Nail polish originated in China. The early mixture contained bees’ wax, gelatin, gum arabic, and egg whites. For color, the Chinese added petals of flowers such as roses and orchids to their polish. After the Chinese dipped their hands in the mixture for several hours, the nails turned red or pink."

http://www.businessdictionary.com/defin ... ass-A.html
I think you may have copied something wrong. Your definition of Class A seems off. :mrgreen:
I dunno, those sound like some Class A amenities right there. :D
i talk too much. web dev, downtown. admin @ tower.ly

John
Capella Tower
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Re: Downtown Office Market

Postby John » October 22nd, 2014, 8:15 pm

MNdible wrote:Yes, and note that the Class A vacancy in downtown Minneapolis is now below 10%. I've mentioned it before, but while the Wells Fargo development will open up a lot of office space, it's likely none of it will be Class A.
Yes exactly. And the vacancy rate of Class A will better determine whether a new office tower is built ( i.e. TCF block). 10% is getting pretty tight.

TroyGBiv
US Bank Plaza
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Re: Downtown Office Market

Postby TroyGBiv » October 22nd, 2014, 10:43 pm

It just takes one decent size client letter of commitment - after reading TexasRE's post today on Skyscraper. Sounds like there is enough developer's who have done groundwork that one or two could move quickly.

Didier
Capella Tower
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Re: Rumors!

Postby Didier » November 2nd, 2014, 2:19 pm

Here's a take on future downtown office development when an industry source puts his name to the information.

http://www.startribune.com/business/281116592.html

Tyler
Foshay Tower
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Re: Rumors!

Postby Tyler » November 2nd, 2014, 2:24 pm

Ehh? Is anyone talking about building spec office downtown?
Towns!

TroyGBiv
US Bank Plaza
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Re: Downtown Office Market

Postby TroyGBiv » November 2nd, 2014, 4:46 pm

It seem stat spec space may be a few years down the road - assuming that the economy gets better and the vacancy for Class A space shrink... There may be some shake up if major tenants in the NorthStar block - while those structures are rather large - they are class B or C and if that space is becomes significantly empty the property is worth way more that the empty building... it is the true 100% office block... that would likely become a super tall...

John
Capella Tower
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Re: Downtown Office Market

Postby John » November 2nd, 2014, 8:35 pm

I find it rather amazing that despite TCF leaving downtown, we are actually making up the difference with a modest net gain of new employees working downtown in the next year or so. A sign of good economic health if nothing else.

twincitizen
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Re: Downtown Office Market

Postby twincitizen » November 7th, 2014, 4:03 pm

Might as well put this here, as it is more relevant to office space needs. The quotes below are from the Public Transit News/Happenings thread.
Nick wrote:http://www.startribune.com/local/244657501.html
Strib wrote:Twin Cities' new U.S. immigration building lacking bus service

MARK BRUNSWICK, Star Tribune February 9, 2014 - 9:59 PM

What federal officials thought was a bus route for new location was really a commuter line without regular stops.

For more than two decades, thousands of immigrants have stepped off a Metro Transit bus and walked a hundred yards or so to a nondescript building near the Mall of America, where they have been able to apply for a green card, petition to get a relative into the United States or take the test to become an American citizen.

In subzero temperatures, the short walk has often brought new meaning to the phrase “huddled masses.”

But with little local public input and because of a mistake that even it acknowledges, the federal government will move its U.S. Citizenship and Immigration Services offices 11 miles away later this year.

[...]
:|
twincitizen wrote:^That whole situation is upsetting. It's great to see the media focus on transit access, but the article never really gets at the core of the problem...the location itself! Why would this facility not be located in Minneapolis or St. Paul? Transit access would not even have to be considered if it were. Even the most outlying neighborhoods of Mpls-StP have at least hourly service 7 days a week.

I wrote a letter to the editor basically saying the above and more. Since this was the top headline on the west metro print edition today, I'm sure I'm not alone. I tried to articulate and not use too many exclamation points, so we'll see if it gets printed.

EDIT: Jackpot http://www.startribune.com/opinion/lett ... 00961.html
Well, Amy Klobuchar got involved and sanity ensued. The move to remote west Bloomington was cancelled and the office remained in east Bloomington, easily accessible from the Blue Line and many connecting bus routes. However, the GSA still plans to leave that building entirely. I guess they put out an RFP looking for office space (presumably Class B or C) in either downtown. With the Green Line running, I think either downtown Minneapolis or St. Paul is a valid choice for this office. Anywhere outside of the downtowns would likely be less accessible to transit than the east Bloomington location.

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

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FISHMANPET
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Re: Downtown Office Market

Postby FISHMANPET » November 7th, 2014, 4:12 pm

How much space is in that Federal Office building next to the Milwaukee Depot?

I think there's something to be said for having an office like this in a grand imposing Federal Building, immigration and citizenship is serious important stuff, and it would be nice if the office location expresses the gravity of that circumstance.

MNdible
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Re: Downtown Office Market

Postby MNdible » November 7th, 2014, 4:16 pm

I was thinking this might end up in the Union Depot, but I'm not sure if there's that much space available there. 35,000 sf is actually quite a bit of space.

twincitizen
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Re: Downtown Office Market

Postby twincitizen » November 12th, 2014, 7:28 am

Downtown downsizing trend continues: http://www.bizjournals.com/twincities/p ... legal.html

SixOneTwo
Nicollet Mall
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Re: Downtown Office Market

Postby SixOneTwo » November 12th, 2014, 9:49 am

@smckenzie21

United Properties planning 240,000-sq-ft Class A office building next to Target Field Station in North Loop #mpls
@mplsgilyard

.@UnitedPropertie going spec with 240,000 SF Target Field Station Center office project in North Loop.

mattaudio
Stone Arch Bridge
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Re: Downtown Office Market

Postby mattaudio » November 16th, 2014, 12:30 pm

As the downtown office market continues to heat up and the center of gravity moves slightly east, any chance the Accenture Tower would finally get its twin? Seems like it would be cheap to build... There's already parking underneath the greenspace on the block intended for the second tower.


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