Downtown Minneapolis Office Market

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

Postby Nick » May 11th, 2021, 12:13 pm

I think City Center will be looking to fill a bit more than 19,000 square feet when Target leaves
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alexschief
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Re: Downtown Minneapolis Office Market

Postby alexschief » May 11th, 2021, 1:29 pm

The short-term trend is definitely going to be negative, there's no disputing that, it's already more or less established. The more interesting discussion is how deep the cutback will be and what the long-term trend will look like.

MNdible
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Re: Downtown Minneapolis Office Market

Postby MNdible » May 11th, 2021, 2:43 pm

I mean, the loss of Target employment alone wipes out all of the gains made downtown over the last several years. And most real estate decisions are tied to lease expirations, so if there's an impact, it's likely to be a slow rolling one.

Not saying that downtown is doomed, but I think you're being naïve if you think there's no reason for concern.

SurlyLHT
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Re: Downtown Minneapolis Office Market

Postby SurlyLHT » May 11th, 2021, 3:45 pm

I mean, the loss of Target employment alone wipes out all of the gains made downtown over the last several years. And most real estate decisions are tied to lease expirations, so if there's an impact, it's likely to be a slow rolling one.

Not saying that downtown is doomed, but I think you're being naïve if you think there's no reason for concern.

I agree and wish our City Leaders would try to get ahead of this and help ensure and create a successful Downtown for the years to come. That Downtown may not look like it does now. But, we need to start planning and making sure we're ready for future trends and tastes, while doing the best we can in the present. I think the business leaders are onboard, city leaders seem to take Downtown for granted.

alexschief
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Re: Downtown Minneapolis Office Market

Postby alexschief » May 11th, 2021, 4:12 pm

I mean, the loss of Target employment alone wipes out all of the gains made downtown over the last several years. And most real estate decisions are tied to lease expirations, so if there's an impact, it's likely to be a slow rolling one.

Not saying that downtown is doomed, but I think you're being naïve if you think there's no reason for concern.

I agree and wish our City Leaders would try to get ahead of this and help ensure and create a successful Downtown for the years to come. That Downtown may not look like it does now. But, we need to start planning and making sure we're ready for future trends and tastes, while doing the best we can in the present. I think the business leaders are onboard, city leaders seem to take Downtown for granted.
Do you have a concrete example of what you're talking about here? I see a collection of pretty generic statements without a lot of back-up.

I know business leaders like to whine that they aren't getting the personal attention and support that they deserve but Minneapolis, like many other places, spends a disproportionate-to-population amount of time and money focused on downtown. Is there a deficit of that in Minneapolis? I certainly doubt it. The city just spent a ton of money to fortify downtown against potential riots, they just spent a ton of money on Nicollet Mall, spent a ton of money on a brand new city building downtown, spent a ton of money on a park outside the Vikings Stadium, is spending a ton of money on the Water Works project, etc. etc. Downtown Minneapolis is being invested in.


MNdible
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Re: Downtown Minneapolis Office Market

Postby MNdible » May 11th, 2021, 4:33 pm


phop
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Re: Downtown Minneapolis Office Market

Postby phop » May 11th, 2021, 9:22 pm

The Covid aid package should help with any immediate budget issues at least.

SurlyLHT
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Re: Downtown Minneapolis Office Market

Postby SurlyLHT » May 12th, 2021, 7:38 am

I mean, the loss of Target employment alone wipes out all of the gains made downtown over the last several years. And most real estate decisions are tied to lease expirations, so if there's an impact, it's likely to be a slow rolling one.

Not saying that downtown is doomed, but I think you're being naïve if you think there's no reason for concern.

I agree and wish our City Leaders would try to get ahead of this and help ensure and create a successful Downtown for the years to come. That Downtown may not look like it does now. But, we need to start planning and making sure we're ready for future trends and tastes, while doing the best we can in the present. I think the business leaders are onboard, city leaders seem to take Downtown for granted.
Do you have a concrete example of what you're talking about here? I see a collection of pretty generic statements without a lot of back-up.

I know business leaders like to whine that they aren't getting the personal attention and support that they deserve but Minneapolis, like many other places, spends a disproportionate-to-population amount of time and money focused on downtown. Is there a deficit of that in Minneapolis? I certainly doubt it. The city just spent a ton of money to fortify downtown against potential riots, they just spent a ton of money on Nicollet Mall, spent a ton of money on a brand new city building downtown, spent a ton of money on a park outside the Vikings Stadium, is spending a ton of money on the Water Works project, etc. etc. Downtown Minneapolis is being invested in.
What have they done to address the post COVID world? The example you have since then is the fortifications of Downtown which were highly and publicly criticized by some, but not all leaders. For better or for worst the City is very focuses on other pressing issues. I'm afraid Downtown will languish given how the world is changing and we have a lack leaders and partners within city leadership.

uptownbro
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Re: Downtown Minneapolis Office Market

Postby uptownbro » May 12th, 2021, 8:13 am

Some but not all city leaders take downtown for granted, that its draw for workers and residents is a given at this point. Nothing is a given in life.
Covid aid will be a one time thing and assuming the city doesnt want to end up in a tax revenue spiral they need to assume the worst case. No the city isnt dead but I think its still has a tax revenue issue on top of a image issue(most of which isnt true but welcome to the social media age). They should use that aid to promote an economic recovery within the city via direct investments

SurlyLHT
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Re: Downtown Minneapolis Office Market

Postby SurlyLHT » May 12th, 2021, 8:24 am

Something I would like to see...is what is being done right now to plan some sort of grand reopening for Downtown or special events to get people downtown. etc? Could we use the Aquatennial? Plan more Downtown events? Partner with the Twins or Wolves and hold some events at the Commons or Nicollet Mall? (Twins players play soft-ball or something at the Commons for fun and charity with food and signings. Wolves host basketball tournament or play some basketball game with kids...the Vikings could maybe play a game of football against themselves at the Commons.) Could we do a giant food truck festival? How can we get people Downtown starting right now for enjoyment and fun in a COVID safe way? City Leaders, businesses leaders, resident leaders and non-profit need to come together and do something. I'm trying to think a bit out of the box. Maybe Target wants to host a fashion show...maybe Polaris wants to do an event with their vehicles, maybe General Mills could do something or Mayo.

uptownbro
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Re: Downtown Minneapolis Office Market

Postby uptownbro » May 12th, 2021, 8:39 am

I know its to short notice but why not memorial day weekend for such an event. Based on the vaccine numbers and supply I think it could be done.
It should be warm out plus most of the covid restrictions assuming we dont have a spike should be done. Have a kick off to "Summer in Minneapolis" event with all that you covered. Make sure the last few boards are taken down by then. I think its a great idea but I dont see city leadership doing this sadly but it would go along ways imo.

grant1simons2
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Re: Downtown Minneapolis Office Market

Postby grant1simons2 » May 12th, 2021, 8:44 am

Or, it's fine and it will naturally recover as it already is. There has been legit traffic downtown during the Twins games. There were lines of valet cars going to Hennepin for Murray's and Oceanaire.

Blaisdell Greenway
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Re: Downtown Minneapolis Office Market

Postby Blaisdell Greenway » May 12th, 2021, 12:21 pm

A friend that works at a fancy downtown restaurant says while the sheer numbers of people aren't back yet, the big spenders are going wild and spending much more than usual.

MinnMonkey
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Re: Downtown Minneapolis Office Market

Postby MinnMonkey » May 12th, 2021, 12:32 pm

A friend that works at a fancy downtown restaurant says while the sheer numbers of people aren't back yet, the big spenders are going wild and spending much more than usual.
Spoke with Lisa Goodman and the city is definitely working on ways of getting people back downtown, but one things she mentioned is that a lot of the law firms downtown are "adopting" a different restaurant each week and encouraging their employees to bring clients to those.

Another thing that the city has done was increase the number of outdoor entertainment permits each individual organization could take out from 1 per year to 12 per year to help get more activity downtown.

Sent from my Pixel 2 XL using Tapatalk


SurlyLHT
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Re: Downtown Minneapolis Office Market

Postby SurlyLHT » May 12th, 2021, 1:10 pm

A friend that works at a fancy downtown restaurant says while the sheer numbers of people aren't back yet, the big spenders are going wild and spending much more than usual.
Spoke with Lisa Goodman and the city is definitely working on ways of getting people back downtown, but one things she mentioned is that a lot of the law firms downtown are "adopting" a different restaurant each week and encouraging their employees to bring clients to those.

Another thing that the city has done was increase the number of outdoor entertainment permits each individual organization could take out from 1 per year to 12 per year to help get more activity downtown.

Sent from my Pixel 2 XL using Tapatalk
I'm thankful for Lisa, when I watched her tour of the Dayton's building she seemed to have a deep insight into the realities and needs of Downtown businsesses

dimabima
Block E
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Re: Downtown Minneapolis Office Market

Postby dimabima » May 12th, 2021, 1:23 pm

A friend that works at a fancy downtown restaurant says while the sheer numbers of people aren't back yet, the big spenders are going wild and spending much more than usual.
Spoke with Lisa Goodman and the city is definitely working on ways of getting people back downtown, but one things she mentioned is that a lot of the law firms downtown are "adopting" a different restaurant each week and encouraging their employees to bring clients to those.

Another thing that the city has done was increase the number of outdoor entertainment permits each individual organization could take out from 1 per year to 12 per year to help get more activity downtown.

Sent from my Pixel 2 XL using Tapatalk
Along the same lines, my workplace is reimbursing lunches when we return (people are starting to trickle in now). We previously only reimbursed dinner if you were in the office late.

amiller92
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Re: Downtown Minneapolis Office Market

Postby amiller92 » May 12th, 2021, 4:53 pm


I'm thankful for Lisa, when I watched her tour of the Dayton's building she seemed to have a deep insight into the realities and needs of Downtown businsesses
That seems like literally the easiest thing for a councilmember to learn about (because they make their thoughts known). The question is whether to prioritize them. She definitely believes in doing so, often to the detriment of literally anything else.

She's smart and savvy and not afraid to speak her mind, which are all good qualities. But she serves the powerful faithfully.

Oreos&Milk
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Re: Downtown Minneapolis Office Market

Postby Oreos&Milk » September 25th, 2021, 1:58 am

But St. Paul is behind Minneapolis
Candidly I don't see that ever changing.
If St. Paul where to annex the other Saint Paul’s and Bloomington then I’d say we have a more balanced twin cities. (I know I know geography)

I think of St. Paul as a boomburg (a suburb city over 100k) it’s a very nice old school city that they don’t build anymore. I think downtown St. Paul great value for an urban center that is residential focused with it connecting to Minneapolis via green line it’s the perfect place to live in the city but to get away from the chaos of Minneapolis.

tedlanda2571
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Re: Downtown Minneapolis Office Market

Postby tedlanda2571 » December 25th, 2021, 5:03 am

Anyone have scuttlebutt on Target office thinking?

I spent Christmas Eve with a fairly senior (design department head) Target worker, and when asked, their response was that they are never going back. They said maybe they’ll go in one day a week when there’s a special meeting or something. They were sort of vague as to whether this was more a personal choice or a broader policy.


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