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The North Loop area, abuzz with restaurants, new apartments and Target Field, is another selling point. 'They're trying to attract employees to the office,' Christianson said. Reed Christianson, a principal with the Minneapolis office of Houston-based commercial real estate services firm Transwestern, said that companies want spaces where people want to work. The project will be complete in summer 2024. The project will also have a residential tower with 354 apartments and 96 hospitality units available for short-term rentals. Houston-based Hines is developing North Loop Green, which will include a 14-story, 350,000-square-foot office building. 'KPMG's commitment to North Loop Green further demonstrates the flight to quality trend, in which we continue to see tenant demand for curated workplace experiences with wellness-rich amenities,' said Bob Pfefferle, managing director at Hines, in a statement.

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While there is no shortage of available space, some tenants are drawn to new buildings with a full complement of amenities like North Loop Green.

Including space available for sublease there is now 8.6 million square feet of empty office space downtown.

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Many companies signing new leases are taking less space than they did before.Ī first-quarter report on the Minneapolis office market from Chicago-based Cushman & Wakefield reported an overall vacancy rate of 30% for downtown Minneapolis. Downsizing imagines what might happen if, as a solution to over-population, Norwegian scientists discover how to shrink humans to five inches tall and propose a 200-year global transition from big to small. Downsizing to a smaller home can offer financial and environmental benefits, making it a practical choice for those looking to simplify their lives. The pandemic and the onset of remote and hybrid work arrangements have hurt the office market everywhere. An Omaha-based occupational therapist named Paul ( Matt Damon) and his aspirational wife Audrey ( Kristen Wiig) wonder if they should 'go small' after chatting with some friends who took the leap. KPMG is continuing to hire and our business continues to grow in the market, as we embrace a hybrid working model,' said James Powell, office managing partner for KPMG in Minneapolis, in a statement. 'Downsized' communities crop up everywhere, with governments giving tax credit incentives to those who choose to go small. 'Our commitment to the Minneapolis market is unwavering. The accounting firm follows Piper Sandler & Co., which signed on as the anchor tenant for North Loop Green, which is near Target Field. The deal keeps KPMG in downtown Minneapolis but will move it out of the core of the central business district. KPMG will lease 45,000 square feet at North Loop Green, down from the 60,000 square feet it occupies at Wells Fargo Center.

Accounting firm KPMG is downsizing its downtown space and will relocate from Wells Fargo Center to North Loop Green, a large mixed-use project still under construction.

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