On average, listings lease in the $10's per square foot per year. The Loring Park region is seeing a a rise in rates. In the last 3 months, the median rate increased $3 per sqft per year. That's a 18% rise in rent.
Compared to the rest of the Minneapolis market, the Loring Park submarket has smaller rates, so you should have no trouble finding a great deal in this depreciated region.
In the last 90 days, 31 listings have come on the market, which means spaces are probably going fast. You'll want to be prepared to tour spaces as quick as possible. About 13% of the available leases in the Loring Park are subleases, so you might be able to find a shorter term or below market rent. There aren't many listings below 2,000 square feet on the market, so finding a space for a small business might be tough.
The standard measurement for office space in this area is around 280 sqft. Most buildings in this market are close to 2 floors. Most buildings in this market were built in 1916 and are Class B.
Not much of the real estate is used for commercial space, so it might be hard to find office space. Information is the dominant industry in this area. Commute by public transit is the most popular way to get to work amongst Loring Park residents. Commuting approximately 20 minutes a day is the norm for those who opt to reside in this part of town.
Real time and historical data on commercial real estate listings in Loring Park.
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