Commercial Rentals:

The Minneapolis area has a good deal of gentrification in the downtown area, and has worked towards building more commercial property and residential real estate to help boost the economy despite a recent economical downturn. As the national picture improves, the office vacancies will most likely fill up and rise in price, but for the time being, the area has a great deal of office space options. In a recent survey of office space vacancies in the greater Minneapolis area, it’s interesting to note that the prices are quite competitive, and are similar to other large cities. The price for smaller office space is as low as $250 - $300 a month with free high speed Internet, and private entry. Larger retail storefronts, warehouse space, and storage options abound in the greater area as well, with a lot of great choices starting at around $1.50 - $2 a square foot for 1,000 feet and more. Minneapolis commercial property rental rates have dropped significantly, just like the rest of the country, but the local area has held steady recently and shows positive signs. Some of the local markets that we service commercial properties in the Minneapolis area are: Andover, belle plaine, Burnsville, Chaska, Champlin, Chanhassen, Delano, Downtown, Eden Prairie, Edina, Eagan, Ellsworth, farmington, Hutchinson, Jordan, lino lakes, Lowertown, maple grove, Monticello, New Brighton, OAK PARK HEIGHTS, Oakdale, Plymouth, prior, roseville, Robbinsdale, St Paul, Theater District, and Woodbury. To learn more about these rental markets and the current office space leasing rates, check out our commercial property articles and editorial.

The City of Lakes, and the largest city in the state of Minnesota is Minneapolis. The city has an estimated city population of around 390,131 and an estimated greater metropolitan population 3.5 million residents. The city is rich in natural resources, with lots of water, and over twenty lakes in the area. Originally a flour milling and timber city, the area has changed to a more diverse economy, and is now one of the major business centers between Chicago and Seattle.

Economy / Climate:

The economy of Minneapolis relies heavily on a diverse array of industries, both small and large. The area has many large companies, including several on the Fortune 500 list. Some of the greater companies in the area include, Target Corporation, U.S. Bancorp, Xcel Energy, Ameriprise Financial, Star Tribune, and much more. With a great deal of options to explore for those looking to pursue a variety of vocations, it’s interesting to note that the unemployment rate in the city has been around 8.8% in recent months, and has seen some fluctuations. While the rate is higher than the national average, the area still has a growing, bustling job growth. If the economy can rebound at a normal, steady pace, then the commercial property real estate market will recover along with the housing market.

The city has a colder climate than many other cities in the northern Midwest area. It has extremely cold winters, with many days below freezing. In the coldest winter the area received nearly 100 inches of snow. It still receives a great deal of snowfall in the winter, and the seasons showcase distinct changes. In the summer the weather can reach up to 100 degrees, but humidity levels are not too high.

Real Estate:

The real estate market has seen some lower prices in recent months, but some areas have seen steady values. The median home price in the greater Minneapolis area is $221672, which is mid-line compared to other large cities in the United States. The forecast for the real estate market is generally optimistic, and only time will tell if it bounces back completely.
The mayor of Minneapolis is R.T Rybak and took office facing major budget crises and much more. He has since been able to help the area reform, saving taxpayers millions, and reducing a great deal of debt, and balancing the budgets in roughly four years. The mayor has been working in the city and in politics for quite some time and continues to provide a deal of service to the area, that rivals many other larger scale cities. A lifelong Minneapolis resident, and is a family man. He is a Democrat, and has some conservative ideas, but is definitely not right wing.