In another example of "WHO COULD HAVE POSSIBLY SEEN THIS COMING";
https://tcbmag.com/minneapolis-downtown-council-defund-the-police-rhetoric-killing-deals/?fbclid=IwAR2eKAcaPKiaxXl8EXurGWJr8iccGUWczXkyEnA9Qn63n5X8g18a-2V8mAQThe Minneapolis Downtown Council Business Association is reporting a mass exodus of companies and realtors seeking to flee from downtown to relocate either into the suburbs or leave the state.
One of the most cited immediate reasons was the "Defund the police" proposals at the city council
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Steve Cramer, president and CEO of the Minneapolis Downtown Council, noted that talk of defunding the police quickly generated national and international headlines and that there was immediate fallout.
“That had a really measurable impact on economic vitality for our city,” said Cramer. “Measured by companies that had leases that wanted to tell their broker, ‘Get me out of here.’ Measured by companies that were looking at coming into Minneapolis that put that on pause. Measured by investors who paused or canceled outright investments in new projects…It really was a pretty dramatic effect.”
Cramer could not cite details, noting that brokers and others who were providing the information did not want to identify specific companies or deals.
But Cramer added: “Nobody’s making this up.”
According to information gathered from tenant representation firms, within less than six weeks a total of 45 companies have either canceled plans to move downtown or are actively scouting space in the suburbs. Per the real estate insiders, 13 of those companies have more than 100 employees; one has over 600 employees.
The numbers gathered by the Downtown Council show:
10 suburban or out-of-state employers have canceled searches for downtown office space
8 downtown companies have chosen to relocate to the suburbs, citing safety concerns
27 downtown companies are either considering or are actively seeking space in the suburbs to leave downtown
A two-page summary of the anecdotal information that the Downtown Council collected to share with public officials included numerous dire stories, including:
“Five firms that were looking for office space in downtown (from outside of downtown) have eliminated downtown Minneapolis as an option. Two large firms (over 100 employees) that were looking to move to the Twin Cities from out of state, and had Minneapolis on their list of options, have canceled plans to do so due to the unrest.”
“Large institutional investors who provide the majority of the capital to both market rate and affordable housing developments have already slowed down or paused on new investments in Minneapolis.”
“We are hearing from our equity investors, that they are either very skittish or simply excluding investment in Minneapolis right now.”