JLL’s Chart of the Week:
Over 3 million square feet in the CBD to be repurposed, primarily into creative office
The Macy’s building is among many other buildings in the Minneapolis CBD that are currently undergoing decisions about future usage. Wells Fargo’s move out of Northstar and Baker Block in 2016 has already prompted the consideration of renovation versus conversion into other uses.
Baker Block and the TCF Bank Building are undergoing remodels that will increase tenant amenities and add features more typical of creative office like open floorplates and raised ceilings.
Additional opportunities will hit the market when YMCA relocates its facilities and office operations to Gaviidae and when Art Institutes International closes its downtown campus in the LaSalle Building.
Source: JLL Research, Real Capital Analytics
Click to download JLL’s Chart of the Week: February 6, 2017