Compared to the rest of the Minneapolis market, the Phillips submarket has higher rates, and you'll have to negotiate above asking rent to be in this hot submarket.
In the last 90 days, 29 listings have come on the market, which means new listings might be going fast. You'll want to be prepared to tour spaces as quick as possible. About 3% of the office spaces in the Phillips are subleases, so you will probably have to focus your search on direct office leases. 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 1,440 sqft. Most buildings in this region are approximately 4 stories. Most buildings in this area were built in 1971 and are Class B.
Not much of the real estate is used for commercial space, so it might be hard to find office space. Health care is the dominant industry in this market. Most of the residents of Phillips work from home. Commuting approximately 15 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 Phillips.
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