Enerpac Tool Group’s decision to move its headquarters from Menomonee Falls to downtown Milwaukee demonstrates several modern workplace trends.
In the post COVID landscape, many employees are still either working remotely full time or have a hybrid arrangement. As a result, the demand for office space has shrunk as many employers have realized that they need less space, so they have reduced their footprint.
Enerpac’s headquarters is currently located in an 81,500-square-foot office building in Menomonee Falls. The company plans to move to a 56,000-square-foot space downtown.
While some companies, like Harley-Davidson, have abandoned their office space, allowing their white-collar workforce to work remotely, some still want their employees to work at least part of the time together in an office to foster collaboration and corporate culture.
Increasingly, companies are requiring employees to do so. Minneapolis-based U.S. Bank recently notified their employees that they will be required to work at the office at least three days a week. That includes the company’s office at the U.S. Bank Center in downtown Milwaukee.
To help entice employees to return to the office, many employers feel they need to offer an attractive work environment. That includes a modern, quality office space with amenities such as a cafe or fitness center, and an interesting location.
A growing number of companies have decided to move their offices to – or add office locations in – downtown Milwaukee. Almost all of them say a downtown location is an important way to help attract talented employees that want to work in proximity to downtown bars, restaurants and entertainment.
“The new space will better accommodate our local workforce and enable Enerpac to better retain and attract top local talent,” said Paul Sternlieb, president and CEO of Enerpac. “Our new global headquarters will offer a dynamic and inspiring workplace to spur strong collaboration and drive innovation.”
Enerpac is the second company this year to announce plans to move from Menomonee Falls to the downtown area. Charlotte, North Carolina-based Allspring Global Investments will move 300 employees from its longtime office in Menomonee Falls to the Historic Third Ward next year.
“This move represents a long-term bet on one of America’s great cities and an investment in our ability to truly engage with our clients, partners, and the community – as well as to continue to attract and retain top talent,” said Ann Miletti of Allspring Global Investments.
Recently, Fiserv opened its new corporate headquarters in downtown Milwaukee, making the move from Brookfield.
Other companies that have moved to the downtown area or added offices there in recent years include Milwaukee Tool and Rite Hite. In addition, Northwestern Mutual will move all 2,000 employees from its Franklin campus to its downtown headquarters.
As downtown Milwaukee continues to improve, it will attract even more companies. The only question is: Who’s next?
