Most listings are in the $10's per square foot per year. The Loring Park submarket is going through a an increase in rates. In the last 3 months, the median rate went up $3 per sqft per year. That's a 18% increase 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 undervalued submarket.
In the last 90 days, 31 listings have been made available, which means new availabilities might be leasing quickly. You'll want to be prepared to make an offer immediately. About 13% of the listings in the Loring Park are subleases, so you might be able to sign a shorter term by taking over a previous lease. There aren't many listings below 2,000 square feet available, 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 properties in this area are close to 2 floors. Most buildings in this area 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 occupants. 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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