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The typical asking rate per commerial real estate listing leases is in the $10's per square foot per year. The Loring Park submarket is experiencing a a boost in rates. In the last 3 months, the median rate for lease rose $1 per sqft per year. That's a 8% rise in rent.
Compared to the rest of the Minneapolis commercial real estate market, the Loring Park submarket has less expensive rates, so you should have no trouble finding a great deal in this undervalued submarket.
In the last 90 days, 31 commercial real estate listings have come on the market, which means spaces might be going fast. You'll want to be prepared to tour spaces as quick as possible. There aren't many listings below 2,000 square feet posted, so finding a space for a small business might be tough.
The standard size for office space in this area is around 460 sqft. Most properties in this area are approximately 2 floors. Most buildings in this market were built around 1915 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 market. Commute by public transit is the most popular way to get to work amongst Loring Park residents. Commuting close to 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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