Most listings are in the $20's per square foot per year. The University region is seeing a a rise in rates. In the last 3 months, the median rate rose $3 per sqft per year. That's a 13% increase in rent.
Compared to the rest of the Minneapolis market, the University submarket has greater rates, and you'll need to make a great offer to be in this hot submarket.
In the last 90 days, 39 listings have been listed, which means office spaces might be leasing quickly. You'll want to be prepared to tour spaces as quick as possible. About 21% of the available space in the University are subleases, so you might be able to sign a shorter term by taking over a previous lease. 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 11,600 sqft, there are still 0 listings below 2,000 sqft. Most properties in this area are approximately 2 floors. Most buildings in this market were built in 1951 and are Class B.
Not much of the real estate is used for commercial space, so it might be hard to find office space. Agriculture is the dominant industry in this market. Commute by bike is the most popular way to get to work amongst University occupants. Commuting under 5 minutes a day is the norm for those who opt to reside in this part of town.