Midwest Real Estate News October 2013 : Cover

WWW.REJOURNALS.COM MINNESOTA | MISSOURI | NEBRASKA | OHIO | TENNESSEE | WISCONSIN OCTOBER 2013 VOLUME 29 ISSUE 05 Directories begin on page 37: Asset/Property Management Firms, Auction Companies, Construction Companies 2014 THE DAKOTAS | ILLINOIS | INDIANA | IOWA | KANSAS | KENTUCKY | MICHIGAN PAGE 43 Today’s urban office space? No more creaky floors and sunlight-starved cubicles By Dan Rafter, Editor 322 S. Green (Exterior) Chicago, IL 322 S. Green (Interior) Chicago, IL MINNESOTA Building Arcata: The ideal location for high-end multi-family By Dan Rafter, Editor here’s plenty to like about Arcata, the 260,000-square-foot multi-family de-velopment that Trammell Crow Com-pany and Investors Real Estate Trust broke ground on in late September in Golden Valley, Minn. The 165-unit luxury apartment complex will include the amenities that today’s renters want: a pool, clubhouse, fitness center and two-story heated parking garage. But what sets Arcata apart is its location. “I happen to live within a mile of this site. And I can tell you that 100 percent this location is ideal,” said Mark Reiling executive vice president of Asset Management at Investors Real Estate Trust. “From this location you are in the center of the Twin Cities. You are equidistant to everything in town. This is the spot. You are located near commercial and some really nice well-established residential neighborhoods in a city that is very well-managed and maintained.” Grady Hamilton, principal and head of Trammell Crow Company’s Midwest business unit, agreed that the development’s location will help it attract those tenants who are most interested in living and working in a walkable neighborhood that is close to public transportation, restaurants and entertainment. “We believe that the Twin Cities market over the TD Ameritrade Park, home to the College World Series, has been a boon to downtown Omaha T T he new urban office? It feels a lot more like home. That’s the thought from Aaron Zaretsky, leasing director with Urban Innovations, a Chicago-based real es-tate investment company specializing in the acquisition, development and management of office and residential buildings. Zaretsky shared his thoughts on what businesses are looking for in urban office space today. The take-away? Today’s city offices are warmer places, bicycle-friendly and open. Inner offices no longer hog all the sunlight. And creaky floors? No longer. “More and more folks today are looking for what I like to say is a more refined space,” Zaretsky said. “Loft space still has appeal. But it’s not old-school New York-style loft space that people are looking for. They don’t like the creaky floors as much. They want something that has appeal for their employees.” Zaretsky’s tenants want lots of nat-ural light flooding their office sapces. They want bicycle rooms and fewer outdoor parking spaces. They want their offices to be located close to train stations and bus stops. Kitchen spaces are an important factor today. Zaretsky says that many of the larger tenants in Urban Innova-tions’ offices are building kitchen spac-es that are as large as 1,000 square feet. Some even build kitchens that are the focal points of their offices. They are gathering spaces and are often the first thing that visitors to an office see. Another change? Interior offices no longer suck up all the window space. More tenants are building offices on the inside of their space instead of along the window line. This means that the employees working in cubicles have direct access to natural light. “In essence, a lot of things have flipped,” Zaretsky said. “Tenants want to make sure that their spaces work for their employees. They want to make the office an inviting place.” It helps that most of Urban Innova-tions’ office tenants tend to be compa-nies working in technology or creative fields. Urban Innovations doesn’t usually attract law firms or accounting firms. The company’s office spaces then — most of them located in the heart of Chicago’s River North neighborhod — are perfect fits for Urban Innovations’ tenants. And Zaretsky says that he spends a lot of time listening to his tenants. This helps him and Urban Innovations adapt to his tenants’ ever-evolving needs. “We learn from what the tenants tell us,” he said. “We learn more, in fact, from the tenants that don’t sign a lease with us. They tell us what we didn’t offer that they wanted. Some of the best information we receive is from the never-were tenants.” FEATURE (continued on page 9)

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