Whether the economy is booming or slipping toward recession, many Minnesota residents understand the importance of saving money where they can. While some of their costs are variable and can change or be eliminated from month to month, others are constant and become monthly or yearly obligations to pay. One obligation that individual citizens and businesses that own property are used to is property taxes. Property taxes are levied by the state as a form of revenue and are imposed on those who hold title to real property.
Business people all throughout Minneapolis know that wins and losses are all part of being in the corporate world. Sometimes investments and business strategies pay off well and in other cases a decision may lead to lost revenues for an organization. One area of business planning that can increase or decrease the wealth of an organization is how it utilizes its commercial real estate. Commercial real estate can be considered an asset of a business or organization and when it is disposed of those losses or gains can be relevant to the organization's tax obligations.
Minneapolis and Saint Paul each have the feel of big cities that preserve their small town charm. Distinctive neighborhoods attract people of varying interests as the cities' financial districts keep the area relevant in the business world. Recently a historic part of Minneapolis has come under examination for development and proposals for the site have begun to come in.
Every business is different and even Minnesota companies that operate within the same industries may have different requirements for what they want out of their commercial spaces. Finding the right space for a new or existing company can be challenging and can take time away from a business owner's other important company-related work. The law firm of Burns & Hansen, Attorneys at Law, can help you find the right site for your Minnesota business or corporation.
One of the major hurdles that many businesses have to clear is finding a place to locate their new enterprises. Before they can begin hunting for the warehouses, retail spaces and office buildings in which they will set up shop business owners must make some important decisions about the types of commercial properties that they want to secure. One of the first determinations that they must make is whether they want to rent a commercial property or buy it.
One of the most famous office campuses in downtown Minneapolis has been sold for more than $100 million, according to news reports. The commercial property consists of a three-building complex in the Gateway District. This facility was sold for $103 million to an entity associated with a real estate investment trust in California.