Downtown Minneapolis Office Market
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- Landmark Center
- Posts: 226
- Joined: June 1st, 2012, 9:12 am
Re: Downtown Office Market
I can't look at that building at 330 S. 2nd (one of the blandest in the city) without feeling sad about the loss of the Metropolitan, which stood where the north end of 330 now bores the crap out of us. Of course, what's done is done and this has nothing to do with a good business expansion, but I'm just sayin'....
Re: Downtown Office Market
It's a very suburban looking building.
Re: Downtown Office Market
http://www.bizjournals.com/twincities/b ... r-low.html
MSP office vacancy rates hit a 10 year low. Downtown MInneapolis has second lowest rate behind western suburbs. Downtown St. Paul has the highest rate among submarkets.
MSP office vacancy rates hit a 10 year low. Downtown MInneapolis has second lowest rate behind western suburbs. Downtown St. Paul has the highest rate among submarkets.
Re: Downtown Office Market
Yes, and note that the Class A vacancy in downtown Minneapolis is now below 10%. I've mentioned it before, but while the Wells Fargo development will open up a lot of office space, it's likely none of it will be Class A.
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- Capella Tower
- Posts: 2869
- Joined: June 1st, 2012, 9:19 am
Re: Downtown Office Market
Their new development won't be Class A? I thought part of the very definition of Class A was a building's age, making almost all new buildings Class A by default -- especially downtown buildings (location). That is, this is what I thought without looking up the definition online.Yes, and note that the Class A vacancy in downtown Minneapolis is now below 10%. I've mentioned it before, but while the Wells Fargo development will open up a lot of office space, it's likely none of it will be Class A.
Class A: "3000 BC Nail polish originated in China. The early mixture contained bees’ wax, gelatin, gum arabic, and egg whites. For color, the Chinese added petals of flowers such as roses and orchids to their polish. After the Chinese dipped their hands in the mixture for several hours, the nails turned red or pink."
http://www.businessdictionary.com/defin ... ass-A.html
- FISHMANPET
- IDS Center
- Posts: 4241
- Joined: June 6th, 2012, 2:19 pm
- Location: Corcoran
Re: Downtown Office Market
What he's saying is that the space WF is vacating downtown (because remember they're consolidating a lot of existing staff into this new building) won't be class A. So WF moving into their new tower will leave a lot of empty office space, it won't be class A.
Re: Downtown Office Market
I think you may have copied something wrong. Your definition of Class A seems off.Their new development won't be Class A? I thought part of the very definition of Class A was a building's age, making almost all new buildings Class A by default -- especially downtown buildings (location). That is, this is what I thought without looking up the definition online.
Class A: "3000 BC Nail polish originated in China. The early mixture contained bees’ wax, gelatin, gum arabic, and egg whites. For color, the Chinese added petals of flowers such as roses and orchids to their polish. After the Chinese dipped their hands in the mixture for several hours, the nails turned red or pink."
http://www.businessdictionary.com/defin ... ass-A.html
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- Target Field
- Posts: 513
- Joined: January 30th, 2014, 9:03 am
Re: Downtown Office Market
I dunno, those sound like some Class A amenities right there.I think you may have copied something wrong. Your definition of Class A seems off.Their new development won't be Class A? I thought part of the very definition of Class A was a building's age, making almost all new buildings Class A by default -- especially downtown buildings (location). That is, this is what I thought without looking up the definition online.
Class A: "3000 BC Nail polish originated in China. The early mixture contained bees’ wax, gelatin, gum arabic, and egg whites. For color, the Chinese added petals of flowers such as roses and orchids to their polish. After the Chinese dipped their hands in the mixture for several hours, the nails turned red or pink."
http://www.businessdictionary.com/defin ... ass-A.html
i talk too much. web dev, downtown. admin @ tower.ly
Re: Downtown Office Market
Yes exactly. And the vacancy rate of Class A will better determine whether a new office tower is built ( i.e. TCF block). 10% is getting pretty tight.Yes, and note that the Class A vacancy in downtown Minneapolis is now below 10%. I've mentioned it before, but while the Wells Fargo development will open up a lot of office space, it's likely none of it will be Class A.
Re: Downtown Office Market
It just takes one decent size client letter of commitment - after reading TexasRE's post today on Skyscraper. Sounds like there is enough developer's who have done groundwork that one or two could move quickly.
Re: Rumors!
Here's a take on future downtown office development when an industry source puts his name to the information.
http://www.startribune.com/business/281116592.html
http://www.startribune.com/business/281116592.html
Re: Downtown Office Market
It seem stat spec space may be a few years down the road - assuming that the economy gets better and the vacancy for Class A space shrink... There may be some shake up if major tenants in the NorthStar block - while those structures are rather large - they are class B or C and if that space is becomes significantly empty the property is worth way more that the empty building... it is the true 100% office block... that would likely become a super tall...
Re: Downtown Office Market
I find it rather amazing that despite TCF leaving downtown, we are actually making up the difference with a modest net gain of new employees working downtown in the next year or so. A sign of good economic health if nothing else.
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- Moderator
- Posts: 6388
- Joined: May 31st, 2012, 7:27 pm
- Location: Standish-Ericsson
Re: Downtown Office Market
Might as well put this here, as it is more relevant to office space needs. The quotes below are from the Public Transit News/Happenings thread.
http://www.bizjournals.com/twincities/b ... seeks.html
http://www.startribune.com/local/244657501.html
Twin Cities' new U.S. immigration building lacking bus service
MARK BRUNSWICK, Star Tribune February 9, 2014 - 9:59 PM
What federal officials thought was a bus route for new location was really a commuter line without regular stops.
For more than two decades, thousands of immigrants have stepped off a Metro Transit bus and walked a hundred yards or so to a nondescript building near the Mall of America, where they have been able to apply for a green card, petition to get a relative into the United States or take the test to become an American citizen.
In subzero temperatures, the short walk has often brought new meaning to the phrase “huddled masses.”
But with little local public input and because of a mistake that even it acknowledges, the federal government will move its U.S. Citizenship and Immigration Services offices 11 miles away later this year.
[...]
Well, Amy Klobuchar got involved and sanity ensued. The move to remote west Bloomington was cancelled and the office remained in east Bloomington, easily accessible from the Blue Line and many connecting bus routes. However, the GSA still plans to leave that building entirely. I guess they put out an RFP looking for office space (presumably Class B or C) in either downtown. With the Green Line running, I think either downtown Minneapolis or St. Paul is a valid choice for this office. Anywhere outside of the downtowns would likely be less accessible to transit than the east Bloomington location.^That whole situation is upsetting. It's great to see the media focus on transit access, but the article never really gets at the core of the problem...the location itself! Why would this facility not be located in Minneapolis or St. Paul? Transit access would not even have to be considered if it were. Even the most outlying neighborhoods of Mpls-StP have at least hourly service 7 days a week.
I wrote a letter to the editor basically saying the above and more. Since this was the top headline on the west metro print edition today, I'm sure I'm not alone. I tried to articulate and not use too many exclamation points, so we'll see if it gets printed.
EDIT: Jackpot http://www.startribune.com/opinion/lett ... 00961.html
http://www.bizjournals.com/twincities/b ... seeks.html
- FISHMANPET
- IDS Center
- Posts: 4241
- Joined: June 6th, 2012, 2:19 pm
- Location: Corcoran
Re: Downtown Office Market
How much space is in that Federal Office building next to the Milwaukee Depot?
I think there's something to be said for having an office like this in a grand imposing Federal Building, immigration and citizenship is serious important stuff, and it would be nice if the office location expresses the gravity of that circumstance.
I think there's something to be said for having an office like this in a grand imposing Federal Building, immigration and citizenship is serious important stuff, and it would be nice if the office location expresses the gravity of that circumstance.
Re: Downtown Office Market
I was thinking this might end up in the Union Depot, but I'm not sure if there's that much space available there. 35,000 sf is actually quite a bit of space.
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- Moderator
- Posts: 6388
- Joined: May 31st, 2012, 7:27 pm
- Location: Standish-Ericsson
Re: Downtown Office Market
Downtown downsizing trend continues: http://www.bizjournals.com/twincities/p ... legal.html
Re: Downtown Office Market
@smckenzie21
United Properties planning 240,000-sq-ft Class A office building next to Target Field Station in North Loop #mpls
@mplsgilyard
.@UnitedPropertie going spec with 240,000 SF Target Field Station Center office project in North Loop.
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- Stone Arch Bridge
- Posts: 7764
- Joined: June 19th, 2012, 2:04 pm
- Location: NORI: NOrth of RIchfield
Re: Downtown Office Market
As the downtown office market continues to heat up and the center of gravity moves slightly east, any chance the Accenture Tower would finally get its twin? Seems like it would be cheap to build... There's already parking underneath the greenspace on the block intended for the second tower.
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