The typical asking rate per listing is in the $20's per square foot per year. The Phillips region is seeing a an increase in rates. In the last 3 months, the median rate increased $24 per sqft per year. That's a Inf% increase in rent.
Compared to the rest of the Minneapolis market, the Phillips submarket has more expensive rates, and you'll need to pay a premium to be in this hot region.
In the last 90 days, 3 listings have come on the market, which means new availabilities might be 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 posted, so finding a space for a small business might be tough.
Even though the median size is 7,290 sqft, there are still 0 new availabilities below 2,000 sqft. Most buildings in this region are around 4 floors. Most buildings in this region were built in 1956 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 region. Most of the residents of Phillips work from home. Commuting close to 15 minutes a day is the norm for those who opt to reside in this part of town.