Compared to the rest of the Minneapolis market, the Phillips region has higher rates, and you'll have to negotiate above asking rent to be in this hot submarket.
In the last 90 days, 7 listings have been listed, which means new listings most likley are leasing quickly. You'll want to be prepared to make an offer immediately. There aren't many listings below 2,000 square feet available, so finding a space for a small business might be tough.
The standard measurement for office space in this area is around 2,080 sqft. Most properties in this area are around 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 area. Most of the folk of Phillips work from home. Commuting around 15 minutes a day is the norm for those who opt to reside in this part of town.