Commercial Property & Real Estate News

The Evolving Picture of Coworking SpaceOnce heralded as the undeniable future of business office space and a realistic direction for commercial real estate, the picture of coworking space available and planned for 2020 looks somewhat different from the projections of 2017. Here's a review of what was, what is and what might be coming. The concept of coworking space was introduced in 2005, and it enjoyed a period of rapid growth a decade later. But today, although signals are mixed, the trend seems to be slowing.

Flexible office trends were innovative when first introduced, but by 2018, they were viewed as a "here-to-stay" portion of the office market. At that time, Bethany Schneider, Newmark Knight Frank associate director, wrote in a report that executive office suites constitute a

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Office Gains Are Part of Twin Cities CRE Good NewsEven though there were some mixed signals earlier in 2019, the Minneapolis and St. Paul office forecast for the year is expected to remain strong, performing better than the national average. The summer Yardi-Matrix Report provides an in-depth glimpse at local market activity for the first six months of the year.

Key Points of Pride

Although the report notes that year-over-year sales activity was somewhat slower in June, overall the annual gain is expected to exceed 2018's $1.4 billion volume, an impressive achievement. And that's just the tip of the iceberg in terms of good news for the Twin Cities market.

The local market is seen to be strong, no matter what specific numbers are examined:

  • Demand for office space remains high;
  • Asking
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Does Agriculture Represent a New Direction for Real Estate Investment?It shouldn't come as much of a surprise that the Twin Cities, and the state of Minnesota overall, would be a focal point of innovation and startup funds for agricultural and food-related enterprises. After all, both are well within local tradition and culture, and the Midwest is all about farming and food. But somehow, until relatively recently, what is now termed "Ag-tech" hasn't gained a lot of traction with business investors. Likewise, commercial real estate investment has traditionally not included much in the way of agriculture. Farming, no matter how it's performed, is often deemed risky business. Agriculture is still sometimes viewed as "not business," and the thought of modernizing with anything other than sweat and hard labor has been long in

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Will New Buildings Rise from Current Minneapolis Parking Lots?What used to be surface parking in downtown Minneapolis has virtually disappeared, transformed into new condos, apartments and offices, according to a recent report on available development tracts in the heart of the city.

More than 63 acres of undeveloped land existed in the downtown core a dozen years ago, according to a recent Business Journal survey. Today, after a decade-long building boom, less than 20 acres remain undeveloped, and the word is some of the landowners are simply not interested in selling.

Whether that's good news or worrisome depends on which side of the development table one sits.

Actual versus Potential

The apartment and condo market has been particularly strong in downtown Minneapolis in recent years. The trend

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A Diverse Work Force Demands New and Innovative Office AmenitiesTomorrow's office buildings are going to be different. Designers and architects, as well as construction professionals and property managers in Dakota County, recognize the growing emphasis on building health and the needs of a multi-generational work force.

Amenities are the name of the game for offices of the future, but the expected perks may vary depending on the age of the work force. Millennials are known to love their coffee, while other workers prefer game rooms or multi-purpose break rooms where they can unwind and enjoy a little personal time. Some simply zone out with a video or video game. Older workers, including Baby Boomers not ready to retire, appreciate rooms where they can gather with coworkers to socialize, network, toss around

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What Everyone Needs to Know About Buying Commercial Real EstateCommercial and residential real estate transactions differ greatly. Crow Wing County buyers will notice big differences in everything from acquiring financing to negotiating the purchase terms. They can prepare for this process by using this guide to learn all they need to know. That way, they can find and acquire their ideal commercial property with confidence they are taking all the right steps.

For informational purposes only. Always consult with a licensed real estate professional before proceeding with any real estate transaction.

Balloon Mortgages are the Most Common Financing Option

To finance the purchase price of a commercial property, buyers must approach a bank or other lender to learn about their loan options. For commercial

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Living in the Clouds: Elevens Condos Will Soar 41 StoriesAt 41 stories tall, Eleven will become the tallest residential building in Minneapolis, dwarfing St. Anthony Falls and the Stone Arch Bridge over the Mississippi that it will overlook. Its condos, beginning at $900,000 for a 1,400 square-foot unit, will be among the city's priciest. But they will be unique, according to Mike Ryan, market president of Ryan Cos., the developer that is partnering with Luigi Bernardi's Arcadia to construct the tower. Ryan calls the units the equivalent of "a single-family home" in the city's downtown core rather than "a really nice apartment."

Construction was slated to begin this month.

The building reflects Bernardi's vision for "something different." A Twin Cities area developer for more than 40 years, he and his

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Another Major Dinkytown Development Seeks City ApprovalDinkytown is a beloved, close-to-campus commercial district interlaced with low-cost student housing, that has served the varied needs of generations of University of Minnesota students but faces another attempt at modernization. Existing buildings in the vicinity would be demolished to make room for new development if a plan destined for review by the Minneapolis Planning Commission Committee of the Whole gains traction.

CA Ventures, a Chicago-based developer, reportedly envisions high-rise development that would not only occupy an entire block in the heart of the diminutive funky center of Dinkytown, but that would displace the existing Golden Arches that have been a feature here for decades. The planned new construction, based on currently

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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

482 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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