On average, listings lease in the $20's per square foot per year. The Central Minneapolis region is experiencing a decrease in rates. In the last 3 months, the median rate fell $1 per sqft per year. That's a 6% decrease in rent.
Compared to the rest of the Minneapolis market, the Central Minneapolis submarket has less expensive rates, so you should have no trouble finding a great deal in this undervalued submarket.
In the last 90 days, 202 listings have come on the market, so you'll want to check back regularly for new listings. About 43% of the listings in the Central Minneapolis are subleases, so you might be able to find a shorter term or below market rent. 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 2,100 sqft. Most properties in this market are approximately 6 stories. Most buildings in this market were built in 1920 and are Class B.
A large portion of this region is residential, but there's plenty of office_space. Waste services is the dominant industry in this region. Commute by car is the most popular way to get to work amongst Central Minneapolis folk. Commuting approximately an hour a day is the norm for those who opt to reside in this part of town.