By Ben Jensen, Senior Associate
The working space that a company provides to employees is paramount for nearly all of our clients. They want the ability to foster a desirable environment that will attract the best talent and keep it for years to come – a tall order for any employer in today’s workplace.
However, when shopping for space in urban environments, another criterion always comes front and center: Where are they going to park?
As the Minneapolis-St. Paul Business Journal has reported, as many as 3,500 parking spots have disappeared in downtown Minneapolis from 2014 through 2017, and more are being gobbled up as developers build on surface lots where hundreds or thousands of workers had been parking. Even the City of Minneapolis is getting in on the act, tearing down a parking ramp to be replaced by a brand-new city office building with no parking spots included in those plans.
Many downtown Minneapolis and St. Paul office towers offer private contracted parking within the structure of the building, typically below ground or on the lower floors. These spaces in downtown Minneapolis typically range between $250 – $350 for an unreserved space and $350 – $450 for a reserved space. But not every building can park the thousands who may work inside, and not every company can afford (or wants to pay for) a spot for every employee.
That leaves many workers on their own for parking, or perhaps they get a partial reimbursement every month. In any event, this can be a big factor when considering an employer or career choice.
That arrangement has worked for some, but it won’t for everyone. That’s why it’s becoming more important than ever for companies to consider outside-the-box alternatives to get employees to the office.
To help advise those who are navigating this puzzle, our team has put together the Creative Parking Solutions guide. The report has solutions utilized by companies all around the world as they seek to reduce their parking cost, footprint, and increase their attractiveness to potential employees.
What do you think – could you see companies in Minneapolis-St. Paul utilizing some of these techniques? Reach out to us and let us know what you think, or feel free to ask for more information.
Ben Jensen is based in the Minneapolis office of Cushman & Wakefield and specializes in Office Tenant Representation and Corporate Services work. He is responsible for facilitating the delivery of real estate services in the areas of tenant representation, transaction management, portfolio administration, strategic planning, and consulting services to both local and multinational clients.
Contact Ben directly with any questions/comments: