Mar 27, 2023 - Business

Real estate firm exiting its downtown Minneapolis office

Downtown Minneapolis skyline

Photo: Education Images/Universal Images Group via Getty Images

CBRE, one of the largest commercial real estate companies in the country, is closing its downtown Minneapolis office.

Details: CBRE had about 200 employees when it opened an office in LaSalle Plaza in 2016. The company said it is not renewing its lease.

  • Downtown employees are moving to the Bloomington and North Loop offices.

Between the lines: CBRE was part of a big migration of companies from the suburbs to downtown Minneapolis in the 2010s.

  • While the city hasn't seen a mass exodus of companies that some predicted during the pandemic, the move isn't a good sign.
  • CBRE said in a statement the departure from LaSalle Plaza is a temporary consolidation while it evaluates its long-term space needs.

Editor's note: This story has corrected to reflect that CBRE has decided against renewing its downtown lease. (It is not terminating the lease early).

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