The typical asking rate per listing is in the $20's per square foot per year. The Downtown West submarket is seeing a decline in rates. In the last 3 months, the median rate fell $1 per sqft per year. That's a 3% decline in rent.
Compared to the rest of the Minneapolis market, the Downtown West region has greater rates, and you'll need to pay a premium to be in this hot submarket.
In the last 90 days, 123 listings have come on the market, so you'll want to check back regularly for new listings. About 2% of the available space in the Downtown West are subleases, so you will probably need to consider the implications of signing a direct lease with the building. 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 3,978 sqft, there are still 0 leases below 2,000 sqft. Most buildings in this region are close to 12 floors. Most buildings in this area were built in 1962 and are Class B.
Real estate is the dominant industry in this region. Commute by public transit is the most popular way to get to work amongst Downtown West occupants. Commuting close to 15 minutes a day is the norm for those who opt to reside in this part of town.