Downtown Minneapolis Office Market

[TroyGBiv]

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.

I spoke with a friend who is in the marketing group and she said that they will go to a flex schedule when they return. They told me that they also will be in newly renovated space that is designed to have fewer designated office and more collaborative spaces. They said that their team will be giving up space as they mover forward. I honk they won’t be needing more office space for the foreseeable future.

[acs]

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.

I spoke with a friend who is in the marketing group and she said that they will go to a flex schedule when they return. They told me that they also will be in newly renovated space that is designed to have fewer designated office and more collaborative spaces. They said that their team will be giving up space as they mover forward. I honk they won’t be needing more office space for the foreseeable future.

It's confirmed. Target going hybrid permanently at all offices including downtown. Won't require employees to spend any days in-office on a weekly basis. Article also mentions that Wells Fargo and the Strib are going hybrid permanently and talks about struggling restaurant owners.

https://www.startribune.com/target-goes ... 600166026/

[uptownbro]

Wells fargo has a min number of 3 days a week in the office.
Im going to guess target even if it doesn't have a company wide min days in office different departments or teams will.
I fully expect there to be a soft(or not soft) push by Target for get alot of people back in more then once a month

[mplsjaromir]

My sources tell me that Wells Fargo is indeed allowing existing employees to be hybrid. Going forward all new hires will be required to go into the office. I'm sure they will allow exceptions for highly sought after candidates.

At some point they will likely turn the screws more to get people back in the office as they have made clear that is management's preference.

[billhelm]

US bank is doing similar - hybrid and no required days for now.

[uptownbro]

https://www.bizjournals.com/twincities/ ... lease.html

"Canteen One has signed a lease for around 44,000 square feet in North Loop, where it will relocate to from its current office in Golden Valley."

[Bakken2016]

https://www.bizjournals.com/twincities/ ... lease.html

"Canteen One has signed a lease for around 44,000 square feet in North Loop, where it will relocate to from its current office in Golden Valley."

Oh that’s across the street from my apartment building, hopefully they consider pushing transit options since it’s two blocks from Target Field Station.


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[RedDutch]

Its great that there is continued confidence in DT Minneapolis.

[alexschief]

Plans have been submitted to retrofit the Northstar Center East (111 6th Street S) from office into 219 housing units.

[Anondson]

Love more core housing.

[Bakken2016]

Plans have been submitted to retrofit the Northstar Center East (111 6th Street S) from office into 219 housing units.

Apartments or Condos?

[twincitizen]

We haven’t seen a lot of condos in general, but I recall someone pointed out that maybe the numbers could work out when you:
1. Have a concrete/steel building so maybe there’s less concern with the exterior warranty issue.
2. Somewhat lower construction costs since the structure already exists.

OTOH, higher interest rates will work against being able to sell mid-range condos.

I remain skeptical that we’ll see any condos built in the city other than maybe another super high end tower like Eleven, with an occasional boutique project every few years (like the 25-unit at Minnehaha Falls or those lil 3-4 unit deals in Linden Hills)

[Tyler]

From 2017:
https://rejournals.com/northstar-center ... s-complex/

[Tyler]

Also it sold in 2018. Anyways I do not think there is any chance this specific project is going to be condos.

[uptownbro]

Glad this is back!
Hopefully 800 Washington Ave(if it breaks ground this year) proves to be a success and inspires other developers to build mid sized condo developments

[rhettcarlson]

https://kstp.com/kstp-news/top-news/dow ... of-growth/

Channel 5 piece summing up some of the recent downtown office/resi news, including the Prudential lease in the Dayton's Project.

"The Downtown Council’s latest data shows 55% of downtown office workers are now heading into the office at some point during the week, said Cramer."

It's crazy to me that 45% of people never come into the office even once per week. I've anecdotally heard of Target employees that come in 2-3 times a month. I wonder how they factor in to the Downtown Council's numbers.

[xandrex]

Anecdotally, I'm one of the only people I know who isn't going back to the office at least some of the time. I'm technically a hybrid worker, but that classification just means they can ask me to come in as little as once a month (in practice, it's been zero times a month).

I'd actually like to come into the office at least occasionally, but since we have no required days to be in, nobody is ever in consistently and you end up working alone - just as you would at home but with a commute and a hot desk setup. Networking effect in action.

[Mdcastle]

It's crazy to me that 45% of people never come into the office even once per week. I've anecdotally heard of Target employees that come in 2-3 times a month. I wonder how they factor in to the Downtown Council's numbers.

Not sure what's crazy about that. If I'm set up to be able to work remotely four days a week, I'm set up to work five days a week. If I don't want to have to drive into the office four days a week, why not five? If you want to have a meeting with everyone you're working with, there's things called Zoom and Microsoft Teams. I don't work downtown, but I haven't been to the suburban office campus I work at since before the pandemic.

[VacantLuxuries]

It's crazy to me that 45% of people never come into the office even once per week.

When the choice is 'come in and work in the same open office nobody liked five years ago' or 'work in a private office at home with no commute,' it's an easy one to make.

I think it's very telling that the people who tend to want RTO the most are people who had private offices already (ie., executives and managers), and not the people from the world of hot desks and cubicles. Not to say there aren't bullpen workers that miss the office and executives who prefer it at home, but there's definitely a trend in one direction.

[uptownbro]

A 10 story office building is being proposed for a parking lot at 330 first ave