LEASING & MARKETING – 162,000 SF
Constructed in 1885, Colonial Warehouse is a fixture in the Minneapolis CBD’s Warehouse District. Formerly known as the Minneapolis Street Railway Company Building, the property is home to a variety of unique office tenants. The leasing team faced many initial challenges to increase Colonial Warehouse’s occupancy; unique floor plates, direct competition from buildings with better amenities, and more onsite parking.
Develop relationships with the current tenants and offer forward thinking marketing to identify new tenants.
Support ever changing tenant needs (the average tenant occupies 2,000 sf) by constantly working with tenant expansions and renewals.
- Implement virtual tours, recommend strategic vacancy upgrades, and move toward aggressive and creative negotiations.
- Ensure the interest of new tenants and create competition for the building.
- Accommodate existing requirements and align strategic tenant expirations to create larger blocks of vacancy for future tenants.
- When our team took over leasing in early 2013, the building had a vacancy rate of just over 16%. The Warehouse District, as a whole, was 13.5% vacant. By the end of 2013, the vacancy rate had dropped to 7.5% and continued to drop to 5% by the end of 2015.
- Although the property accounts for only 5% of the total competitive market, in 2013 it accounted for 31% of total market absorption and 23% in 2014.
- Since 2013, the leasing team increased average net rental rates in the building by $2.00 per sf and achieved a renewal rate of 90%.