Most listings are in the $20's per square foot per year. The Phillips region is experiencing a a rise in rates. In the last 3 months, the median rate went up $1 per sqft per year. That's a 3% increase in rent.
Compared to the rest of the Minneapolis market, the Phillips region has greater rates, and you'll need to make a great offer to be in this hot region.
In the last 90 days, 7 listings have been posted online, 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 on the market, so finding a space for a small business might be tough.
The standard measurement for office space in this area is around 910 sqft. Most buildings in this region are approximately 4 floors. Most buildings in this region were built in 1957 and are Class B.
Not much of the real estate is used for commercial space, so it might be hard to find office space. Health care is the dominant industry in this region. Most of the occupants of Phillips work from home. Commuting approximately 15 minutes a day is the norm for those who opt to reside in this part of town.