Commercial Property & Real Estate News

What's in Store for the Hospitality Industry?Even though many people have cut back on travel this summer, there are some who believe that stay-at-home vacations represent a continuing trend. In fact, the hospitality industry is gearing up for travelers as soon as worldwide restrictions become even a little less restrictive.

That's good news for commercial real estate and construction, in addition to those directly involved in hotel management, restaurant operation, and the airline, cruise and travel industries. The signs are all in place, and Americans seem only too ready to head off for new adventures—sooner rather than later.

Innovation and Creativity

There is a corresponding recognition that the hospitality industry will be forever changed. Post-COVID travel will look and feel

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What's in Store for Commercial Office Space?As people return to work, just what will the office environment have in store for them? Will it be totally automated or will it even exist? There are "experts" on both sides of the fence.

Some who once predicted that office buildings of the future would be substantially revamped to accommodate greater workplace flexibility now believe that new offices will be configured differently - with greater attention paid to safety and efficiency. But there are others who envision a future more attuned to digital communication than personal interaction who believe that the traditional office has forever disappeared. Both may be true to some degree.

Future Offices: Different or Non-Existent?

The trend toward working remotely was evident long before the

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Property Management Statistics Point to a Bright FutureResidential and commercial property managers throughout the nation are looking ahead to third and fourth quarter rebounds in the economy, and current data seems to confirm that it will happen. The second half of the year, particularly the fourth quarter, should bring a surge of business.

The way that business will be transacted, however, has been forever affected, and there is substantial uncertainty about how long social distancing and other restrictions will be in effect.

This is the time, agree property managers, to take a close look at business plans and to gear up for that surge. It may begin even earlier. According to a recent New York Times survey of economists, three out of four expect the recovery to begin in the second half of the year.

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Minneapolis Apartment Leasing Statistics Hold Steady, with a Few SurprisesApartment rental trends have been relatively strong and steady in the Twin Cities and across the nation since 2016, according to the latest statistics compiled by RentCafe, but the numbers were last updated in February. However, new construction in Minneapolis has lowered average rents.

That's good news, according to analysts, and "a breath of fresh air" in a market that has seen rapidly increasing prices over the past five years. A corresponding decrease in affordability in a market that sorely needs housing for a growing labor market has been worrisome for the past several years. In fact, the city has recently taken steps to promote more affordable apartments by approving residential towers in former height-restricted neighborhoods, and by

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Will New Technology Dominate Post-Pandemic Business?The direction has been clear for some time, but the COVID-19 pandemic may have helped define future touchless technology. The timeline for development may also have been compressed significantly as the world recovers. International hotel chains are rolling out improvements from check-in to room cleaning. Food and beverage service is likely to be affected as well. Improved health screening, for both guests and employees, promises to revolutionize the hospitality industry. The future is likely to include more automation and less human contact, and it promises to extend not only throughout the business sector but to every aspect of life. As the world starts traveling once more, the new technology will become not only more evident, but more sophisticated.

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The tried and true real estate adage about "location" may be overused—and everyone knows it's not all about location. However, when making initial decisions about a commercial real estate project, location is certainly an important factor.

Location has an impact not only on what can be developed, but also on cost projections, long-term viability, type of development, return on investment, the environment, and myriad other topics.

Whether the planned development is for a hotel, a warehouse, retail space or a restaurant, a medical clinic or a mini-golf course, adjacent land use, streets and neighboring properties all play a part in the decision-making process.

For informational purposes only. Always consult with a licensed real estate

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The Future of Local CRE: Is a Construction Slowdown Coming?One of the few constants in commercial real estate and construction is that business trends are somewhat cyclical. That's not to say there's consensus or predictability concerning the timing or the duration of market ups and downs, but rather a sense of inevitability that, after several years, a slowdown is looming.

Many companies figure periodic slowdowns into long-term business projections, and they have contingency plans in place to compensate for possible negatives. In terms of planning for the future economy, forecasts include a guarded warning that there is, at present, no way to predict exactly when or for how long the effects of the economic downturn will appear.

The plan, at present, at least for major players, is to continue with

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Office Design Trends for a Future of DistancingEven though Minnesota may be more cautious about reopening business than some other states, Minnesotans may be ahead in studying how to reopen.

New Strategies for Making the Workplace Safe

The Mayo Clinic's Well Living Lab is situated adjacent to the Mayo campus in Rochester, and it is a center of activity. The facility is "uniquely positioned," according to Mayo Clinic cardiologist Dr. Veronique Roger, who also serves as the lab's director of research. By simulating office environments in the lab, she believes the confluence of "building and health science technologies and expertise" will generate knowledge that can prepare safe environments.

The research focus centers around how to best decontaminate surfaces, employ thermal screening at

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Working Together in a Time of DistancingFinding new ways to transact business as well as socialize during the time of quarantine is a prime concern throughout the country, and technology is the prime mover. From business teleconferencing to teaching, enjoying concerts and visiting museums to furnishing a new home or perfecting cooking skills, creative new paths are being forged. And new technology is the driver – across all industries. That's part of the good news.

It's as easy to attend a concert in Rome or visit a historical site in Bangkok as it once was to go to the local library. It's all because of those ubiquitous screens.

Today, when the news is all about keeping your distance, it's more than a little encouraging that the technology exists to keep us all together, both on a

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The Future Seems Steady for Minneapolis Commercial Real EstateThe mood of commercial real estate professionals in the Twin Cities appears to have shifted from an expectation that top-of-the-cycle declines would soon begin to be felt to a more optimistic outlook for the first year of the new decade. A survey of 50 commercial real estate industry leaders, conducted by the University of St. Thomas in May 2019, reported new optimism when compared with results of a 2018 assessment of opportunities and challenges.

Survey Results Signal Stability

Although the overall survey response remains "slightly pessimistic," there are mood upswings in important areas, including a nine-point increase in expected investor return during the coming two years. The survey is designed to forecast movement in the commercial real

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