Commercial Property & Real Estate News

Urban Office Development No Longer Means Strictly City CenterIs it a relatively unique phenomenon or a lasting trend? A growing number of area companies have already, or are planning to consolidate their workforce in downtown buildings within the coming year. St. Paul-based Merrill Corp. will relocate more than 300 employees to two buildings of the former Baker Center in downtown Minneapolis by early 2020. Stantec moved approximately 175 employees from Roseville offices to new quarters in Baker Center in early 2019. These are no longer isolated occurrences.

McDonald's moved from its suburban campus to downtown Chicago last year. Millennials are sometimes credited with the shift in corporate real estate. Not yet ready to settle in traditional suburbs, this is the generation that seeks work-life balance, and

95 Views, 0 Comments bold three-phase plan to forever change the character of St. Paul's riverfront, and its entire downtown, would add well over one million square feet of office space, hundreds of new apartments and condos, luxury hotel rooms, along with approximately 1,500 or more parking spaces and new access to the water from the city's current bluffs. This is in addition to those changes at the former downtown Macy's store. The dramatic plan originally received tentative approval from Ramsey County in November 2018. But there is still a lot of uncertainty surrounding the bold proposal.

What is truth and what is hyperbole may be difficult to sort out. Even if the project gets started, will it reach completion?

Reality of New Workspace Needs

Ramsey County

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Tomorrow's Workplace May Feature All the Comforts of HomeCollaboration is a key concept in office design for the future, according to designers who are trying to respond to client demands for flexibility in the workplace. Technology and altered business relationships, along with changing work force schedules have led to new demands for less formal offices, along with new spaces that can be used on a shared basis or reconfigured as needed.

Notable Features of New Office Design

Increased social interaction in the workplace is now viewed as a boon to creativity, boosting performance and helping to establish a
positive corporate culture.
Newer office layouts are more open; they also include dedicated space for employees to meet informally and comfortable areas dedicated to networking or brainstorming, in

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is-commercial-building-over for-the-twin-citiesThere seem to be abundant signs globally that the availability of cheap money that followed the financial crisis of a decade ago is ending, and that a slowdown in all real estate sectors will arrive sooner rather than later. But, is it true? And if a slowdown becomes reality, what effect will it have on Twin Cities development and the local economy as a whole?

The answer is by no means simple, and opinions are far from united: Here's an overview from those who are trying to sort it all out:

No one is yet predicting a crash, but signs of a softening are everywhere, despite record high prices and plenty, perhaps too much, financial liquidity. The opportunities, according to some, aren't in balance with the demand. The noted Chicago-based investor,

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is-there-a-retail-rebirth-in-commercial-real-estateIs it simply wishful thinking, or as some business leaders contend, are we seeing a rebirth of innovation in retail and commercial development in Itasca County? There is no doubt, according to experts, that there are still some store closings and retail chain reorganizations ahead, but the impact may simply be "more of the same" rather than a pronounced downturn, as many had feared.

Based on prevailing opinion from leaders at the International Council of Shopping Centers convention in Las Vegas, there is still ample opportunity for retailers to grow and prosper. Low unemployment rates hinder growth because entry-level retail jobs are sometimes difficult to fill. There may still be store closings, according to most experts, but they are likely to be

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selling-commercial-property-right-by-marketingYou don't have to have an established marketing team to successfully sell your commercial property. With one knowledgeable real estate professional and a smart strategy, you can attract buyers and make a profit from the sale of your commercial real estate - with a great commercial property marketing plan. Whether you're new to the game or an old pro, these tips can help you sell your property quickly and to the highest bidder.

1. Make a Plan

Do research before listing your property for sale. Who are your customers, and what are their expectations? Where are they? What will they like about your property, and what will they want changed? How much do similar properties cost? What can you do to make your property more desirable? How long can you

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selling-commercial-property-means-great-landscapingCommercial properties rely on good landscaping in many ways. Landscaping improves the appearance of the property while making it more user-friendly for customers and workers. Landscaping is also essential for curb appeal.

If you're planning to sell your commercial property sometime in the next year, not only should you consider staging a vacant commercial space, but it might be time to install new landscaping. Updated landscaping can make your property easier to sell, thus increasing your profit.

Most plants look best after they've been given a chance to become established and thrive in their new location, so the earlier you can get started on this project, the better.

Install Low-Maintenance Plants

Most business owners have little time to

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how-to-choose-a-management-companyA landlord is only as good as their property management company. A good company will keep tenants happy, effectively screen new tenants, and will ensure that all properties under their care are in good condition.

If the company you choose does not treat your tenants or properties well, business will suffer. It's vitally important to choose a company that has a good reputation and sound business practices. The following 6 tips can help you choose a property management company that will benefit your properties.

1. Get Referrals

You probably know property owners in your area. Ask someone with good judgment which property management company they use. Find out why they like that company, what they would change about that company (if anything), and

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The Summit Hotel Sale and What Investors and the Public Have LearnedSummit Hotel Properties recently sold off six hotels for $135 million, resulting in a net gain of $36.6 million. One of their properties was the SpringHill Suites by Marriott, located at the Mall of America. The numbers for this sale are impressive, with an EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) multiple of 12.8 and close to 7% capitalization rate.

However, there's a lot more to this story than just the group's net gain from the sale. In fact, Summit Hotel Properties has seen some dips in their stock price that are worth taking note of. Whether an investor holds one property in Hennepin County, Minneapolis or several across the US, there are a few lessons to be learned from this sale that can be applied to

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How Technology is Impacting Commercial real Estate in Minneapolis and St. PaulCommercial real estate in Minneapolis/St. Paul has long been rooted in tradition. Even as technology popped up all over the country, the industry didn't rush toward it en masse. This is understandable, given that office workers and builders have a very different relationship with technology. The Twin Cities are starting to see more adaption of technology in the industry though, even if not everyone is moving at the same pace.

A variety of new tools are converging to smooth out the many wrinkles that pop up along the way of a project. From builders to developers to agents, investors may want to learn more about how new tools are changing the mindsets of those in the industry, and how these changes will affect future pricing and sales.


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