On average, listings lease in the $20's per square foot per year. The Downtown West submarket is going through a decline in rates. In the last 3 months, the median rate fell $1 per sqft per year. That's a 3% decrease in rent.
Compared to the rest of the Minneapolis market, the Downtown West region has more expensive rates, and you'll have to negotiate above asking rent to be in this hot submarket.
In the last 90 days, 123 listings have been posted online, so you'll want to check back regularly for new listings. About 2% of the available leases in the Downtown West are subleases, so you will probably need to consider the implications of signing a direct lease with the building. 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 3,978 sqft, there are still 0 office spaces below 2,000 sqft. Most properties in this region are around 12 floors. Most buildings in this area were built in 1962 and are Class B.
Real estate is the dominant industry in this market. Commute by public transit is the most popular way to get to work amongst Downtown West occupants. Commuting around 15 minutes a day is the norm for those who opt to reside in this part of town.