The typical asking rate per listing is in the $20's per square foot per year. The University submarket is seeing a a rise in rates. In the last 3 months, the median rate went up $6 per sqft per year. That's a 33% increase in rent.
Compared to the rest of the Minneapolis market, the University submarket has more expensive rates, and you'll have to negotiate above asking rent to be in this hot submarket.
In the last 90 days, 211 listings have been posted online, so you'll want to check back regularly for new listings. About 5% of the office spaces in the University are subleases, so you will probably have to consider a longer term lease. There aren't many listings below 2,000 square feet posted, so finding a space for a small business might be tough.
Even though the median size is 7,340 sqft, there are still 0 spaces below 2,000 sqft. Most properties in this area are around 2 stories. Most buildings in this market were built in 1955 and are Class B.
Not much of the real estate is used for commercial space, so it might be hard to find office space. Agriculture is the dominant industry in this region. Commute by bike is the most popular way to get to work amongst University folk. Commuting under 5 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 University.
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