On average, listings lease in the $10's per square foot per year. The University submarket is experiencing a a boost in rates. In the last 3 months, the median rate rose $1 per sqft per year. That's a 7% increase in rent.
Compared to the rest of the Minneapolis market, the University submarket has smaller rates, so you should have no trouble finding a great deal in this discounted submarket.
In the last 90 days, 12 listings have been made available, which means leases most likley are going fast. You'll want to be prepared to tour spaces as quick as possible. 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 9,000 sqft, there are still 0 new availabilities below 2,000 sqft. Most properties in this region are close to 3 stories. Most buildings in this market were built in 1931 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 occupants. Commuting under 5 minutes a day is the norm for those who opt to reside in this part of town.