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The typical asking rate per commerial real estate listing leases is in the $30's per square foot per year. The North Loop submarket is seeing a a rise in rates. In the last 3 months, the median rate for lease increased $8 per sqft per year. That's a 33% rise in rent.
Compared to the rest of the Minneapolis commercial real estate market, the North Loop submarket has greater rates for rent, and you may need to pay a premium to be in this hot submarket.
In the last 90 days, 22 commercial real estate listings have been posted online, which means listings might be leasing quickly. You'll want to be prepared to tour spaces as quick as possible. 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 size for office space in this area is around 27,780 sqft. Most properties in this market are approximately 5 floors. Most buildings in this market were built around 1913 and are Class B.
A large portion of this market is residential, but there's plenty of office space. Wholesale trade is the dominant industry in this area. Commute by bike is the most popular way to get to work amongst North Loop occupants. Commuting approximately 10 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 North Loop.
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