On average, listings lease in the $10's per square foot per year. The Loring Park submarket is seeing a a boost in rates. In the last 3 months, the median rate increased $15 per sqft per year.
Compared to the rest of the Minneapolis market, the Loring Park region has lower rates, so you should have no trouble finding a great deal in this undervalued submarket.
In the last 90 days, 8 listings have been listed, which means listings most likley are going fast. You'll want to be prepared to make an offer immediately. 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 4,390 sqft, there are still 0 new listings below 2,000 sqft. Most buildings in this market are approximately 2 floors. Most buildings in this market were built in 1916 and are Class B.
Not much of the real estate is used for commercial space, so it might be hard to find office space. Information is the dominant industry in this area. Commute by public transit is the most popular way to get to work amongst Loring Park occupants. Commuting approximately 20 minutes a day is the norm for those who opt to reside in this part of town.