Many thanks to Joe Spartz and his team over at Greater Saint Paul BOMA for their work creating the annual Market Report on commercial property in downtown Saint Paul. This year’s report (as of approximately Labor Day) actually showed modest gains in spite of the COVID-19 pandemic, with over 15 million square feet of commercial space that has an overall occupancy of just over 91%. Obviously we’re not through the storm just yet, but with new lease activity continuing to occur and the ongoing commitment to downtown from our legacy employers, the long-term prospects for downtown Saint Paul are still very strong.
Congratulations are also in order for Downtown Alliance board member, and HealthPartners, CEO, Andrea Walsh on receiving the Minneapolis/St. Paul Business Journal’s Executive of the Year award! Steering a health organization (and one of the largest employers in the city and state) through a pandemic is a huge job with a tremendous impact on our community. Well done Andrea, we’re proud that you are one of us!
Finally, tomorrow is the Saint Paul Area Chamber of Commerce’s annual Equity Summit, and I just want to offer a last minute plea that this is an event worth your time. The first two summits were very impressive to me with an honest dialogue about racial equity and the opportunities for us to make meaningful strides. As a moral imperative as well as a smart business opportunity, SPACC has shown great leadership on this topic. Don’t miss it!
Mask up and take care,
Joe Spencer
President
Saint Paul Downtown Alliance
Downtown Saint Paul office vacancy drops
Earlier this week, the annual BOMA Market Report was released and several metrics stood out. For the first time since 2016, downtown commercial space saw a positive absorption rate, competitive vacancy dropped to 18.6% and for the first time downtown's residential population surpassed 10,000. This year's report illustrates the momentum in downtown that will be essential as COVID-19 continues.
It's not too late! You can still register to reserve your spot at the third annual Saint Paul Area Chamber of Commerce Equity Summit. Equity Summit III is an opportunity to dig deeper into the personal perceptions and motivations that are foundational to us as individuals. Leaders who are committed to changing how we do business in our region and want to walk away with clear actions they can take to move the needle are especially encouraged to participate.
