The future of cities' downtowns

A Minneapolis office tower just sold for more than 90% off, so what does that mean for the future of downtown commercial real estate?

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[AgentX]

For commercial conversion developers, it cost even more to do an office building into a condominium building! Better to demo the existing office tower and built a brand new residential space building in its place.😊

[Dave-tmrp]

No one wants to locate in downtown MPLS. Too much crime.

[douglassandstrom]

The day of the office tower was done for years ago
MPLS was over built

[MinnesotaBeekeeper]

Lol a "fire sale" ? KARE is hoping you have forgotten Walz and the BLM burned the city the ground.

[minnesotajack]

In 15 years these places will be urban farms

[nativestacker]

Before I retired one of our biggest money makers was turning old office buildings into apartments . this is what makes the most sense for these downtown buildings .

[danlowe]

Always the talk of converting to housing and they finally interview an expert that knows conversions are 3-4x cost of building new and not realistic.

[petebusch]

If this doesn't show how bad Walz F'ed up I don't know what will?

[AgentX]

Nobody whats to buy an office tower since you have to lease it out to make money and Minneapolis property tax is going up after the federal aid/grant funding expires in 2025! Minneapolis is a hollowed out city with nobody there anymore. Both are loose, loose, loose proposals!😂 Got to be a very good discount like 90% off in Minneapolis to even breakeven!😂