The typical asking rate per listing is in the $20'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 $21 per sqft per year.
Compared to the rest of the Minneapolis market, the University region has smaller rates, so you should have no trouble finding a great deal in this undervalued submarket.
In the last 90 days, 39 listings have been listed, which means new listings are probably leasing quickly. You'll want to be prepared to tour spaces as quick as possible. About 46% of the available space in the University are subleases, so you might be able to sign a shorter term by taking over a previous lease. There aren't many listings below 2,000 square feet available, so finding a space for a small business might be tough.
Even though the median size is 5,610 sqft, there are still 0 listings below 2,000 sqft. Most properties in this market are approximately 2 floors. Most buildings in this area were built in 1932 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 market. 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.