Downtown Minneapolis Office Market

[martykoessel]

The best thing to happen in the office market would be to see high-quality projects that reflect increased downtown employment and add to the city's vitality.

The worst thing to happen would be bland new projects located in DTE largely because of the parking ramps required for the stadium and which draw relocation from the core of downtown, leaving lots of vacant space there.

In short, new development is not a priori a healthy thing for downtown as a whole.

HEIGHT CORROLARY:

Outside of issues of architectural quality and street presence, it's important to remember that we're in a downtown to which about 60% of workers still commute by car. This means that whatever parking can't be incorporated into a development spills over as demand for parking in ramps and surface lots. The taller the building, the harder it becomes to prevent this from happening, with the resulting potential for negative impact on land usage and street life.

In short, tall buildings aren't a priori healthy for downtown as a whole.

How development happens is at least as important as that it happens.

[lordmoke]

The sales continue: Someone wanted to buy the TriTech building, apparently:
http://finance-commerce.com/2013/03/tri ... 5-million/

[Avian]

Pretty neat graphic of available space in Minneapolis using a building-by-building technique. Wells Fargo seems to be the current premium space based upon its price of $37.27 per square foot:

http://assets.bizjournals.com/twincitie ... line.2.pdf

[sanchopanza]

^^^^ Interesting that the 5th St Towers have a large amount of vacancy. Espcially since it is very close to the LRT stop.

[gahwi003]

^^^^ Interesting that the 5th St Towers have a large amount of vacancy. Espcially since it is very close to the LRT stop.

I was thinking along the same lines. I wonder how the office space compares to newly renovated buildings?

[TWA]

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

This could be interesting- two law firms who each have over 100,000 SF in the IDS are looking at possible other locations. Article does not mention what their space needs are.

[Minneboy]

^^^^ Interesting that the 5th St Towers have a large amount of vacancy. Espcially since it is very close to the LRT stop.

That's exactly what I stated in another skyscraper forum.

[mullen]

http://www.bizjournals.com/twincities/n ... ntown.html

[twinkess]

http://www.bizjournals.com/twincities/n ... ntown.html

That is an old bank space if i'm not mistaken. Nice to see it filled, it has been a shell for years.

[MotorCity2TwinCities]

With this, the Cambria showroom and whatever is going in on the ground floor of the NorthStar Center - Off Marquette, I think it's going to be a bank - 7th street is really filling out at the street level.

[seanrichardryan]

Centerpoint is looking for 100k sq ft.

Not new construction.

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

[Silophant]

They're looking for 100,000 square feet of space in a green building in 2016. Wonder if they'll wind up in Xcel's old digs at Marquette Plaza? Can't do better than LEED-Platinum.

[mattaudio]

Can't do better than LEED-Platinum.

Empirically denied. Glass curtain walls did not exist before the thermostat era. Steve Mouzon explains. http://www.originalgreen.org/

[Andrew_F]

Thermal massing and more modest glazing are great for small and medium businesses and homes, but I don't think you could convince a big corporate user to abandon their class-A office lifestyle.

[Silophant]

That's fair. I'll rephrase:

On the official USGBC scale that corporations love, you can't do better than LEED-Platinum.

[spearson]

Looks like our trio of white towers on Washington are going up for sale...
http://www.bizjournals.com/twincities/b ... ?full=true

[seanrichardryan]

More importantly, the half ramp between Hennepin & 1st with the VERY develop-able parking lot facing Bridge Square.

[spearson]

Just to go off topic for one second, but still on the topic of bridge square. Look at the original design for the two apartment buildings:


original source (I copied and hosted the picture elsewhere):
http://danwhittaker.com/tea/mod/HTML/sld137.htm

[Nathan]

Awesome, Too bad they're not quite that glassy... Though I do like them anyways.

[twincitizen]

More importantly, the half ramp between Hennepin & 1st with the VERY develop-able parking lot facing Bridge Square.

Ramp2Ton