On average, listings lease in the $10's per square foot per year. The Downtown West submarket is seeing a decrease in rates. In the last 3 months, the median rate decreased $3 per sqft per year. That's a 12% decrease in rent.
Compared to the rest of the Minneapolis market, the Downtown West submarket has less expensive rates, so you should have no trouble finding a great deal in this depreciated submarket.
In the last 90 days, 123 listings have been posted online, so you'll want to check back regularly for new listings. About 34% of the available space in the Downtown West are subleases, so you might be able to snag a great spot on a short term. 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 3,600 sqft, there are still 0 spaces below 2,000 sqft. Most properties in this area are approximately 12 stories. Most buildings in this region 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 residents. Commuting around 15 minutes a day is the norm for those who opt to reside in this part of town.