Commercial Property & Real Estate News

Future Workplace Changes Stem from Millennial Generation PhilosophyThe rapid expansion of the Millennial workforce globally, particularly in the United States, has produced a series of changes in business philosophy that could not have been envisioned two decades ago and was, even more recently, not totally acknowledged.

Today, it is evident that these younger, more demanding employees who now constitute the largest single age group across all industries, are the catalyst for change that will have a lasting effect on the economy, the workforce and even the design of buildings and factories. It's based in technology, but it's not only the online presence that is noticeable.

What Millennials Actually Want

Much has been written about the new generational need for "life-work balance." Baby boomers had more

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New Technology Tools Will Change the Face of Commercial Real EstateIt's obvious that the diverse field of commercial real estate—development, design, management and sales—is changing rapidly, influenced by emerging trends in business and technology that have an effect over a broad spectrum of industries. This new reality may initially be disruptive, but there are changes in store that will affect all aspects of real estate business.

Newer technology innovations will influence all asset classes of commercial real estate, according to a recent article in Forbes, including workspaces and shopping centers, distribution centers and offices. Retail operations have been most affected to date, perhaps, as evidenced by the growth of online ordering, but change is pervasive across the field.

While disruption is

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Wealthy Chinese Continue to Buy U.S. Real Estate for InvestmentFor the fourth year in a row, the U.S. tops the list of favored destinations for a sizable number of wealthy Chinese individuals who wish to leave their country. Ireland and Canada placed second and third, respectively.

The statistics are interesting: 224 Chinese nationals with an average net worth of $4.5 million were surveyed. Seventy percent of them already have foreign assets, primarily property, accounting for approximately 11 percent of their wealth, with a consensus among respondents that foreign investment at about 25 percent would be desirable. Education and the environment top the list of concerns for those considering emigration, according to the Hurun Report, released on June 30, 2018. Strict Chinese government controls in China are

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Adaptive Reuse of Older Buildings Adds Value to NeighborhoodsDistinctive buildings, from decaying warehouses to abandoned churches, have become trendy targets for new development throughout the country. Many of them require extensive redevelopment, but they often have unique characteristics that promise opportunities for specialty leasing. In addition, in some areas entire neighborhoods full of distressed and underused properties are ripe for modernization and for what today is termed adaptive reuse.

It's a real estate niche that requires timing, creativity and commitment. The upside is that, at least in some locales, municipal governments and planning and zoning officials are thoroughly supportive of private efforts and, in some cases, are willing to partner with private owners and developers in

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Technology and Greenery Highlight Proposals for City Lot DevelopmentW.A. Mortenson won a previous round of bidding with a proposal for a hotel at 800 Washington Avenue S. in Minneapolis MN. However, those plans were abandoned when the company encountered financing difficulties. Now Minneapolis has an opportunity to consider a different type of development on a half-acre-plus rectangular lot sandwiched between the Riverfront Parking Ramp and Washington Ave. In April, the city called for new RFPs on the city-owned tract, and four developers responded.

The site is near the Guthrie Theater, and the city stipulated that any new construction be at least five stories to act as a visual buffer from the existing parking garage. During the last round of proposals, Mortenson had submitted an ambitious plan for a 188-room

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Active Adult Communities Offer Older Residents New Reasons to StayThe early-May announcement that Pulte Homes plans to build a major new senior home development in Corcoran was greeted with enthusiasm, but it's not the only big news on the development scene in the Twin Cities. Pulte and other developers seem to be betting that the Olmstead region will continue to grow during the next decade.

However, there may be some mixed signals. What are the facts?

Lifestyle Appeal

Pulte's new 393-home active adult community is the second-largest in Corcoran history and the first in Minnesota to be built under the Del Webb brand, according to city spokesmen and the Atlanta-based homebuilder. It will be built in phases, with the first homes ranging in price between the mid-$200s and the low-$500s. The first group of

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Edible Flowers Add New Flavor and Dimension to Culinary CreationsBoutique hotel operators and gourmet restaurant chefs across the nation have discovered the appeal of locally grown seasonal produce and artisanal menu offerings.

If you have not yet encountered a bright blossom on your plate, or sipped a cocktail that features flavorful herb infusions, you may not be frequenting the trendy lounges and upscale eateries in your neighborhood.

Today, it's almost as likely you'll find a nasturtium in your salad as in a curbside planter box. Edible flowers are top sellers for some alternative farmers, and noted chefs across the country have taken the lead in requesting and even cultivating the unusual produce that finds its way onto their menus. Not only have bean flowers and squash blossoms migrated beyond ethnic

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Target Plans New Looks and Better Convenience for Stores NationwideTarget Corp. recently announced plans to remodel 28 Twin Cities stores this year as part of a $1 billion effort to revamp the look of 325 of its locations nationwide. Locally, the renovations, which target about half of the Twin City Target stores, will cost about $250 million, and this is the largest single market for 2018 updates, although approximately 325 stores nationwide are targeted for renovation this year. There are no plans for store closings during the planned remodels.

The flagship Target at Nicollet Mall in Minneapolis already sports the new decor, offering shoppers a sort of preview of what is to come chainwide.

Target Hits Bullseye with New Look

In addition to downplaying the chain's signature red color scheme in favor of

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Connectivity and Smart Buildings Represent the Future for BusinessNo one today would dispute the need for building-wide reliable communication. Business and commerce run on digital connections, and developers who underestimate the need for such services simply cannot compete in an increasingly technology-dependent world.

Speed and mobility are equally important to forward-looking companies. Even the terms are different. Networks that formerly supported landline telephones and fax lines, bulky desktop computers and other business machinery are no longer necessary in a voice and video-driven, cloud-based, wireless world. But the advances and the new efficiency have also brought new challenges; corporate tenants in both single structures and high-rise buildings have new and important demands. Designers and

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Uber Views Flying Cars as the Future of Urban CommutingTime spent in traffic is just as unpleasant for commuters in Minneapolis and St. Paul as lengthy train or bus rides are for residents of Delhi. Residents of sprawling Dallas and Los Angeles complain about the distances—and the time—it takes to get from one suburb to another, or from the airport to the urban core. Globally, from Sydney, Australia to Paris, from Hong Kong to Delhi, business travelers yearn for faster, more efficients ways to get to work.

Now, the company that pioneered alternative transportation options, Uber, cites the topic of "commute pain" as a key component of the latest innovative transportation solution on its drawing boards.

Urban Air Mobility

Sprawling Big D and LA are two launch cities that have been selected for

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