Target Giving Up Downtown Office Space
Per the Star Tribune Target will move out of approx 1 million SF of their Minneapolis office space.
Returning to the Office Post-Covid19
The return of employees to their Minneapolis office space has been halting and difficult. Wells Fargo, Target, and other major employers have delayed their return to the office several times, telling its employees recently that they will continue to work remotely through the summer. Some companies are bringing some employees back in this summer, but don’t expect occupancy levels to change much any time soon.
COVID-19 & Air Filtration
Air filtration in commercial real estate is suddenly a hot topic. Once COVID came and stayed, more people began to realize that good air filtration could mean the difference between sick and healthy, and in some cases, life and death. Offices, in particular, are a concern for companies looking to reoccupy their buildings and guarantee employees safety in terms of air quality. So if you are a building owner, what should you do?
Pros and Major Con About Working from Home
So perhaps it’s not exactly shocking to learn that working from home during the COVID-19 pandemic has had a positive effect on workers’ productivity, according to 54% of respondents in a recent survey of professionals ages 18-74. The reasons for this, they said, were time saved from commuting (71%), fewer distractions from coworkers (61%) and fewer meetings (39%).
COVID-19 & Force Majeure in Commercial Leases
Most commercial, office, and warehouse leases include “force majeure” provisions that extend the time for a party to perform an obligation, or suspend the obligation, while there is a delay due to causes beyond the parties’ reasonable control.