On average, listings lease in the $10's per square foot per year. The University region is experiencing a decrease in rates. In the last 3 months, the median rate decreased $3 per sqft per year. That's a 16% decrease in rent.
Compared to the rest of the Minneapolis market, the University region has less expensive rates, so you should have no trouble finding a great deal in this discounted submarket.
In the last 90 days, 39 listings have come on the market, which means new listings most likley are leasing quickly. You'll want to be prepared to tour spaces as quick as possible. About 8% of the available leases 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.
The standard measurement for office space in this area is around 2,240 sqft. Most properties in this region are close to 2 stories. Most buildings in this market were built in 1935 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 area. Commute by bike is the most popular way to get to work amongst University residents. Commuting under 5 minutes a day is the norm for those who opt to reside in this part of town.