Properties that offer the right mix of amenities, access to transit and competitive rates are homeruns
“If you build it, they will come,” might justify a baseball field in the middle of Iowa, but office tenants are coming to expect more and more from their workplace. With Twin Cities workplace trends like coworking spaces taking over the office sector, and an employment base that brings various new expectations to their workplace, properties must adapt in order to stay relevant.
How can owners compete, and what area’s in the Minneapolis- St. Paul area are leading the league?
Building owners and landlords who want to play in the major leagues can do many things to distinguish their office spaces. Adding amenities, upgrading common areas and providing simplified transportation methods all help in capitalizing on Twin Cities workplace treads and keeping and attracting quality tenants.
AMENITIES: As the line between work and home life continues to blur, the more amenities a building offers the better. Adding spaces such as wellness centers, upgrading common area’s and utilizing current technology all work together to enhance employee satisfaction and workflow, as well as help potential tenants to visualize adaptable, engaging workspaces.
TRANSIT: Access to transit is also a major Twin Cities workplace trend, and a big deciding factor for current and prospective tenants. As the rise of the 18-hour city continues and new transportation and parking models arise, having multiple ways to get to and from the office is key. The planned Southwest Light Rail Transit project, which will run from downtown Minneapolis through St. Louis Park, Hopkins, Minnetonka, and Eden Prairie and pass in close proximity to Edina, will bolster the ability of some suburban office areas to provide transit access and adding this route to Minneapolis’s already large public transit system will open up many new opportunities for offices in these perspective markets.
Crown Roller Mill is a great example of a classic building that has been hitting it out of the park when it comes to tenant improvements, optimizing it’s recent renovation to keep up with current Twin Cities workplace trends. Combining many of the above features, Crown Roller Mill is set in a prime downtown location with easy access to transit and recently updated amenities that include a renovated first floor lobby, expansive 2nd floor lounge and a new outdoor patio that is beneficial for both retaining and attracting new tenants.
The Offices at MOA, West End France Ave, and the North Loop are all trending tenant hotspots that are seeing a lot of activity. With the market experiencing positive net absorption, and rental rates on the rise, these locations in the Minneapolis-St.Paul office market meet most or all the above criteria for on-site amenities and access to transit, while boasting walkable, vibrant locales that create great competition in the market. Keeping up with current Twin Cites workplace trends and designing office space that combines a mix of these key elements will help retain and attract new tenants while continuing to enhance the overall market.
Download the full report below to get in-depth insights and statistics on the current MSP office market: