The typical asking rate per listing is in the $20's per square foot per year. The Phillips submarket is experiencing a an increase in rates. In the last 3 months, the median rate rose $29 per sqft per year.
Compared to the rest of the Minneapolis market, the Phillips submarket has higher rates, and you'll need to pay a premium to be in this hot submarket.
In the last 90 days, 7 listings have been listed, which means new listings might be leasing quickly. You'll want to be prepared to make an offer immediately. About 14% of the available leases in the Phillips are subleases, so you might be able to find a shorter term or below market rent. There aren't many listings below 2,000 square feet posted, so finding a space for a small business might be tough.
The standard measurement for office space in this area is around 1,440 sqft. Most properties in this area are approximately 4 stories. Most buildings in this market were built in 1971 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 area. Most of the folk of Phillips work from home. Commuting around 15 minutes a day is the norm for those who opt to reside in this part of town.