The typical asking rate per listing is in the $20's per square foot per year. The Downtown West submarket is experiencing a decrease in rates. In the last 3 months, the median rate decreased $3 per sqft per year. That's a 10% decrease in rent.
Compared to the rest of the Minneapolis market, the Downtown West submarket has greater rates, and you'll have to negotiate above asking rent to be in this hot region.
In the last 90 days, 131 listings have been posted online, so you'll want to check back regularly for new listings. About 3% of the listings in the Downtown West are subleases, so you will probably have to consider a longer term lease. There aren't many listings below 2,000 square feet on the market, so finding a space for a small business might be tough.
Even though the median size is 6,000 sqft, there are still 0 spaces below 2,000 sqft. Most buildings in this area are close to 18 floors. Most buildings in this region were built in 1962 and are Class B.
Real estate is the dominant industry in this region. Commute by public transit is the most popular way to get to work amongst Downtown West residents. Commuting approximately 15 minutes a day is the norm for those who opt to reside in this part of town.