Target Giving Up Downtown Office Space
Per the Star Tribune Target will move out of approx 1 million SF of their Minneapolis office space.
Interesting Topics
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.
COVID-19 Will Permanently Change How We Work & Use Office Space in Minneapolis
An interesting scenario regarding COVID-19 from the Wall Street Journal: The coronavirus goes on hiatus in late spring, cases begin to drop, States begin to re-open (including Minnesota), and social distancing eases. But many onetime office workers realize they have little interest in going back to the way things were. The age of the office as we know it is probably over, and the bell can’t be unrung. So how are things potentially going to change for Minneapolis office space users?
Bad for Retail, Good for Industrial
One of the most obvious real estate impacts of COVID-19 has been the heavy hit retail property has been taking. Retail owners were already being described as facing an apocalypse thanks to eCommerce and that was before the new coronavirus swept across the country and began punishing even retailers who were relatively eCommerce-immune. So how does that effect Minneapolis Warehouse Space?
Why Everyone Hates Open Office
Will it Finally Go Away with COVID 19?
The open office concept has been around for years and has been the trend in the Minneapolis office space market. Building owners, employers, and brokers have pitched this as a great option to establish a collaborative working environment. It is also a way for businesses to save cost by reducing the square footage dedicated to each employee. In theory, it looks like a solution that will benefit everyone. So why do so many employees hate this setup? It is because the design is built on the notion that it is to help employees, but in reality, it is just a cheaper option for businesses to develop.
