Downtown Minneapolis Office Market

Downtown - North Loop - Mill District - Elliot Park - Loring Park
TroyGBiv
US Bank Plaza
Posts: 624
Joined: July 6th, 2012, 10:33 pm

Re: Downtown Minneapolis Office Market

Postby TroyGBiv » April 13th, 2016, 10:58 am

The lease is definitely inline with the potential sale of the company... That was why they backed out of the Mosaic project.

grant1simons2
IDS Center
Posts: 4289
Joined: February 8th, 2014, 11:33 pm
Location: Marcy-Holmes

Re: Downtown Minneapolis Office Market

Postby grant1simons2 » April 13th, 2016, 1:18 pm

CBRE released their Q1 market report today. Can't get into it without being registered though,

Image

http://www.cbre.us/o/minneapolis/Pages/ ... =hootsuite

acs
Wells Fargo Center
Posts: 1378
Joined: March 26th, 2014, 8:41 pm

Re: Downtown Minneapolis Office Market

Postby acs » April 13th, 2016, 1:23 pm

Without being able to see into it, two things jump out: 1, the midway area is up there with the MPLS CDB. I guess that's why United wants to build office there. 2, St. Paul's CBD is really hurting.

phop
Nicollet Mall
Posts: 166
Joined: May 28th, 2013, 8:58 pm
Location: Minneapolis

Re: Downtown Minneapolis Office Market

Postby phop » April 13th, 2016, 2:00 pm

What does B/E/A stand for? Burnsville/Eagan/Apple Valley?

QuietBlue
Rice Park
Posts: 497
Joined: September 14th, 2012, 8:50 am

Re: Downtown Minneapolis Office Market

Postby QuietBlue » April 13th, 2016, 2:43 pm

Yup, that's what B/E/A means in this case (I've seen it in previous reports). I'm not surprised at its position relative to the other markets -- I work in Burnsville and there's always been vacant office space in our building. The B- and C-class stuff especially seems to have a lot of vacancies down here.

MNdible
is great.
Posts: 5797
Joined: June 8th, 2012, 8:14 pm
Location: Minneapolis

Re: Downtown Minneapolis Office Market

Postby MNdible » April 13th, 2016, 2:58 pm

I'm kind of scratching my head on Midway -- can there really be enough office space in that area to justify it being its own sub-market?

twincitizen
Moderator
Posts: 6194
Joined: May 31st, 2012, 7:27 pm
Location: Standish-Ericsson

Re: Downtown Minneapolis Office Market

Postby twincitizen » April 14th, 2016, 10:29 am

There's a reason it's on the "suburban" side of that line - it's all spread out like a mini 494 corridor. It's a pretty small submarket with few larger multi-tenant buildings, but in the ~3.2 miles between Lexington Ave and the St. Paul-Minneapolis border, it's enough. I'd also guess that "Midway" includes everything along Energy Park Drive, not just what you can see from University Ave.

TroyGBiv
US Bank Plaza
Posts: 624
Joined: July 6th, 2012, 10:33 pm

Re: Downtown Minneapolis Office Market

Postby TroyGBiv » April 14th, 2016, 11:03 am

Midway may also include 280 as well.

grant1simons2
IDS Center
Posts: 4289
Joined: February 8th, 2014, 11:33 pm
Location: Marcy-Holmes

Re: Downtown Minneapolis Office Market

Postby grant1simons2 » April 15th, 2016, 11:56 am

More on the Code42 move and other

http://www.startribune.com/as-code-42-h ... 375851661/
“We’ve had to drag people down there. They think Washington Square is an island,”

MNdible
is great.
Posts: 5797
Joined: June 8th, 2012, 8:14 pm
Location: Minneapolis

Re: Downtown Minneapolis Office Market

Postby MNdible » April 15th, 2016, 12:51 pm

The complex’s most distinctive building, 20 Washington, is known for its exterior of thin, 80-feet-tall columns and its portico along Hennepin Avenue. (Some people refer to it as the centipede building.)
Pretty sure that nobody refers to it as the centipede building.

User avatar
Nathan
IDS Center
Posts: 4001
Joined: June 1st, 2012, 10:42 am

Re: Downtown Minneapolis Office Market

Postby Nathan » April 15th, 2016, 4:39 pm

Literally no one.

bapster2006
Foshay Tower
Posts: 934
Joined: November 17th, 2012, 6:53 pm

Re: Downtown Minneapolis Office Market

Postby bapster2006 » April 15th, 2016, 11:46 pm

I've never heard that in my life.

QuietBlue
Rice Park
Posts: 497
Joined: September 14th, 2012, 8:50 am

Re: Downtown Minneapolis Office Market

Postby QuietBlue » April 18th, 2016, 8:52 am

Centipede Building = grape salad of local architecture.

at40man
Rice Park
Posts: 426
Joined: January 3rd, 2013, 6:49 pm
Location: The Saintly City

Re: Downtown Minneapolis Office Market

Postby at40man » April 19th, 2016, 2:10 pm

acs wrote:Without being able to see into it, two things jump out: 1, the midway area is up there with the MPLS CDB. I guess that's why United wants to build office there. 2, St. Paul's CBD is really hurting.
Not just that, but it is in a really weird spot too -- when a major employer is leaving the St. Paul CBD (Cray) because they can't find enough office space, it tells me that even though the CBD vacancy rates may be high, they are mostly Class-B & C spaces that are not contiguous, therefore not attractive to employers with larger staff.

grant1simons2
IDS Center
Posts: 4289
Joined: February 8th, 2014, 11:33 pm
Location: Marcy-Holmes

Re: Downtown Minneapolis Office Market

Postby grant1simons2 » April 20th, 2016, 11:26 am

Bank of America signed a lease for 60,000 sq ft across 3 floors in IDS

*locked*
http://www.bizjournals.com/twincities/b ... polis.html

HiawathaGuy
Wells Fargo Center
Posts: 1556
Joined: June 4th, 2012, 12:03 pm

Re: Downtown Minneapolis Office Market

Postby HiawathaGuy » April 20th, 2016, 1:26 pm

grant1simons2 wrote:Bank of America signed a lease for 60,000 sq ft across 3 floors in IDS

*locked*
http://www.bizjournals.com/twincities/b ... polis.html
Gist:
~ Floors 35, 40 and 41
~ No info on when the lease begins, how many employees will be in the space or where they'll come from.
~ Speculation that the IDS space will be Bank of America Merrill Lynch, which has offices on the upper floors of Capella Tower (225 S Sixth).

I keep hoping BoA will buy TCF and move it's headquarters here - leaving Charlotte and the dreadfully backwards state of NC in the smoldering ashes.

acs
Wells Fargo Center
Posts: 1378
Joined: March 26th, 2014, 8:41 pm

Re: Downtown Minneapolis Office Market

Postby acs » April 20th, 2016, 2:15 pm

HiawathaGuy wrote: I keep hoping BoA will buy TCF and move it's headquarters here - leaving Charlotte and the dreadfully backwards state of NC in the smoldering ashes.
What's more likely is Wells Fargo moves all corporate offices east of SF to Charlotte, which is to say not likely at all.

Anyways, I know some want to punish TCF for moving to the suburbs, but a BofA buy-out would likely mean less Minnesota jobs and not more.

amiller92
Wells Fargo Center
Posts: 1748
Joined: October 31st, 2014, 12:50 pm

Re: Downtown Minneapolis Office Market

Postby amiller92 » April 20th, 2016, 2:34 pm

Fewer, even.

kirby96
Union Depot
Posts: 356
Joined: June 4th, 2012, 11:30 am

Re: Downtown Minneapolis Office Market

Postby kirby96 » April 20th, 2016, 7:03 pm

Seeing as how BoA just failed their 'living will' test with the Feds, I doubt they'll be buying anyone anytime soon.

HiawathaGuy
Wells Fargo Center
Posts: 1556
Joined: June 4th, 2012, 12:03 pm

Re: Downtown Minneapolis Office Market

Postby HiawathaGuy » April 21st, 2016, 8:04 am

Jeesh, tough crowd. I know there's little to no likelihood that BoA will leave NC, regardless of their ability or reaction to HB2. I just liked the idea of seeing them screw NC and move their banking HQ and operations here. My idea wasn't that they'd reduce jobs here - but rather increase jobs here while reducing jobs in NC. But clearly that fantasy of mine was lost in translation.


Return to “Minneapolis - Downtown”

Who is online

Users browsing this forum: No registered users and 1 guest