The typical asking rate per listing is in the $10's per square foot per year. The Nicollet Island region is seeing a decline in rates. In the last 3 months, the median rate decreased $1 per sqft per year. That's a 6% decline in rent.
Compared to the rest of the Minneapolis market, the Nicollet Island region has lower rates, so you should have no trouble finding a great deal in this depreciated region.
In the last 90 days, 6 listings have come on the market, which means listings might be leasing quickly. 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 12,300 sqft, there are still 0 new listings below 2,000 sqft. Most buildings in this region are approximately 3 floors. Most buildings in this area were built in 1914 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 market. Most of the occupants of Nicollet Island work from home. Commuting around 10 minutes a day is the norm for those who opt to reside in this part of town.