Downtown Minneapolis Office Market

Downtown - North Loop - Mill District - Elliot Park - Loring Park
mulad
Moderator
Posts: 2753
Joined: June 4th, 2012, 6:30 pm
Location: Saint Paul
Contact:

Re: Downtown Office Market

Postby mulad » December 4th, 2012, 1:30 pm

Google still lists them at 1 Main St SE. Hennepin & Main St, a block closer to the river than Nye's.

Didier
Capella Tower
Posts: 2511
Joined: June 3rd, 2012, 10:11 am
Location: MSP

Re: Downtown Office Market

Postby Didier » December 10th, 2012, 5:41 pm

Yeah I know somebody who works at FSN and apparently they did move (from St. Anthony Main area) a while back.

User avatar
Avian
Union Depot
Posts: 385
Joined: May 31st, 2012, 6:56 pm
Location: Minneapolis
Contact:

Re: Downtown Office Market

Postby Avian » December 15th, 2012, 2:59 pm

Regarding the Ryan/Strib project, I wonder how this will affect demand for additional office space in the core. Hines was shopping for tenants for its proposed building at 10th & Marquette and if Wells Fargo is off the table do you think it would affect the size of that project? Additionally, if Target is "parking" their property across from their HQ would that further reduce the prospect of a tall tower for Hines?

“Wise men speak because they have something to say; fools because they have to say something.”
― Plato

mnmike
Wells Fargo Center
Posts: 1092
Joined: June 2nd, 2012, 11:01 am

Re: Downtown Office Market

Postby mnmike » December 15th, 2012, 5:04 pm

I hadn't heard anything about a project at 10th and Marquette for years, and even then it was just a brief mention. I would assume that is totally dead...Hines wouldn't be marketing two towers at once in this market I don't think. That would be competing against themselves.

John
Capella Tower
Posts: 2102
Joined: May 31st, 2012, 2:06 pm

Re: Downtown Office Market

Postby John » December 15th, 2012, 7:58 pm

I hadn't heard anything about a project at 10th and Marquette for years, and even then it was just a brief mention. I would assume that is totally dead...Hines wouldn't be marketing two towers at once in this market I don't think. That would be competing against themselves.
I have heard from a reliable source they are still visualizing building something tall at 10th and Marquette, but no firm proposals. I don't think it's quite dead, but as you say they may be competing against themselves right now. My biggest hope for 10th and Marquette would be for Dorsey and Whitney to relocate there, but maybe they are interested in the Warehouse District office building?

min-chi-cbus
Capella Tower
Posts: 2869
Joined: June 1st, 2012, 9:19 am

Re: Downtown Office Market

Postby min-chi-cbus » December 15th, 2012, 8:28 pm

I hadn't heard anything about a project at 10th and Marquette for years, and even then it was just a brief mention. I would assume that is totally dead...Hines wouldn't be marketing two towers at once in this market I don't think. That would be competing against themselves.
I have heard from a reliable source they are still visualizing building something tall at 10th and Marquette, but no firm proposals. I don't think it's quite dead, but as you say they may be competing against themselves right now. My biggest hope for 10th and Marquette would be for Dorsey and Whitney to relocate there, but maybe they are interested in the Warehouse District office building?
Law firms are so customer-focused (like banks) that they tend to be the epitome of Class A office space: lots of glimmer and shine. I'm sure there are exceptions to this but I'd expect Dorsey & Whitney (or the like) to sooner build a brand-spanking new Class A tower than refurbish a 100+ year old warehouse.

Dorsey alone wouldn't be able to build a tower at 10th & Marquette, since I don't think they're looking for more than 250K SF.....but they could either be a big enough anchor for a spec site or they could combine efforts with other companies looking for space (likely not another law firm).

twincitizen
Moderator
Posts: 6368
Joined: May 31st, 2012, 7:27 pm
Location: Standish-Ericsson

Re: Downtown Office Market

Postby twincitizen » December 27th, 2012, 3:29 pm

Everything we've ever wanted to know about the state of the downtown office market: http://finance-commerce.com/2012/12/lan ... buildings/ (free)

nasa35

Re: Downtown Office Market

Postby nasa35 » December 28th, 2012, 1:51 am

Everything we've ever wanted to know about the state of the downtown office market: http://finance-commerce.com/2012/12/lan ... buildings/ (free)
Do I see a 1000 foot tower on the horizon?

min-chi-cbus
Capella Tower
Posts: 2869
Joined: June 1st, 2012, 9:19 am

Re: Downtown Office Market

Postby min-chi-cbus » December 28th, 2012, 9:10 am

Everything we've ever wanted to know about the state of the downtown office market: http://finance-commerce.com/2012/12/lan ... buildings/ (free)
Do I see a 1000 foot tower on the horizon?
You will if it's built! ;)

mattaudio
Stone Arch Bridge
Posts: 7752
Joined: June 19th, 2012, 2:04 pm
Location: NORI: NOrth of RIchfield

Re: Downtown Office Market

Postby mattaudio » December 28th, 2012, 9:33 am

ba dum chk!

min-chi-cbus
Capella Tower
Posts: 2869
Joined: June 1st, 2012, 9:19 am

Re: Downtown Office Market

Postby min-chi-cbus » December 28th, 2012, 10:09 am

I'm here all week!

John
Capella Tower
Posts: 2102
Joined: May 31st, 2012, 2:06 pm

Re: Downtown Office Market

Postby John » December 28th, 2012, 10:18 am

Everything we've ever wanted to know about the state of the downtown office market: http://finance-commerce.com/2012/12/lan ... buildings/ (free)
Do I see a 1000 foot tower on the horizon?
Maybe not 1000 feet, but it sure makes the 10th and Marquette parcel appear very desirable for office development.

mattaudio
Stone Arch Bridge
Posts: 7752
Joined: June 19th, 2012, 2:04 pm
Location: NORI: NOrth of RIchfield

Re: Downtown Office Market

Postby mattaudio » December 28th, 2012, 10:22 am

Meaning the old two story brownstones on the northeast corner of the block? Wasn't there just some development of that one-story office between WCCO and the alley? And Target just renovated the Nicollet face of the block.

Or do you mean the parking lot between 9th and 10th where the iconic Prince photo was taken in front of the old Schmitt Music mural?

mnmike
Wells Fargo Center
Posts: 1092
Joined: June 2nd, 2012, 11:01 am

Re: Downtown Office Market

Postby mnmike » December 28th, 2012, 12:52 pm

Next to the mural...the Handicraft building across the street is historic, and can't be torn down.

nasa35

Re: Downtown Office Market

Postby nasa35 » December 28th, 2012, 1:18 pm

I'm here all week!
:lol:

Unity77
Landmark Center
Posts: 207
Joined: June 4th, 2012, 8:57 pm

Re: Downtown Office Market

Postby Unity77 » December 28th, 2012, 2:30 pm

Everything we've ever wanted to know about the state of the downtown office market: http://finance-commerce.com/2012/12/lan ... buildings/ (free)
Do I see a 1000 foot tower on the horizon?
Not in Minneapolis.

Remember the Twin Cities area has several municipalities competing against one another for local headquarters, which our corporate leaders welcome. Furthermore, it's safe to state that most TC executives and the local workforce would rather be in sprawling, suburban campuses instead of downtown office buildings. That said, it's unlikely that we will ever see a 1000 foot tower in Minneapolis.

ECtransplant
US Bank Plaza
Posts: 711
Joined: June 1st, 2012, 9:56 am

Re: Downtown Office Market

Postby ECtransplant » December 28th, 2012, 4:23 pm

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

John
Capella Tower
Posts: 2102
Joined: May 31st, 2012, 2:06 pm

Re: Downtown Office Market

Postby John » December 28th, 2012, 6:36 pm

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
Yes, I think your comments are right on target for the future. One of the positives of this apartment boom is it has gobbled up a lot of vacant land downtown and elsewhere. It makes the remaining land more valuable and more likely for taller buildings with the density becoming more vertical. Good news for us high rise fans!

mullen
Foshay Tower
Posts: 961
Joined: June 4th, 2012, 7:02 am

Re: Downtown Office Market

Postby mullen » December 29th, 2012, 11:52 pm

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.

ECtransplant
US Bank Plaza
Posts: 711
Joined: June 1st, 2012, 9:56 am

Re: Downtown Office Market

Postby ECtransplant » December 30th, 2012, 12:10 am

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.
True, but it's beyond the suburbs vs. the city. Even the core cities do this to each other. I doubt Manhattan would be what it is today if the five boroughs never consolidated and Brooklyn and Manhattan remained separate cities competing against each other. It's gotten better than it used to be, but Minneapolis and St. Paul really need to work together and not fight against each other.


Who is online

Users browsing this forum: No registered users and 48 guests