On average, listings lease in the $10's per square foot per year. The Loring Park submarket is seeing a a rise in rates. In the last 3 months, the median rate increased $18 per sqft per year.
Compared to the rest of the Minneapolis market, the Loring Park submarket has less expensive rates, so you should have no trouble finding a great deal in this undervalued submarket.
In the last 90 days, 3 listings have come on the market, which means new listings might be leasing quickly. You'll want to be prepared to make an offer immediately. 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 5,300 sqft, there are still 0 spaces below 2,000 sqft. Most properties in this market are around 2 floors. Most buildings in this market were built in 1916 and are Class C.
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 market. Commute by public transit is the most popular way to get to work amongst Loring Park residents. Commuting close to 20 minutes a day is the norm for those who opt to reside in this part of town.