Navigating Shared Legal Office Spaces for Attorneys in Minneapolis
As the largest city in Minnesota, Minneapolis is renowned for its vibrant economy and dynamic legal sector, making it a promising location for attorneys seeking shared legal office spaces. It presents a myriad of opportunities for legal professionals to enhance their practice.
Three prominent law firms in Minneapolis are Faegre Drinker Biddle & Reath LLP located at 2200 Wells Fargo Center, Dorsey & Whitney LLP situated at Suite 1500, 50 South Sixth Street, and Fredrikson & Byron, P.A. at 200 South Sixth Street. These firms, amongst others, offer commercial office spaces that could serve as the perfect shared spaces for attorneys.
Major corporations that contribute to Minneapolis's dynamic economy include UnitedHealth Group, Target, and U.S. Bancorp. Their substantial presence plays a significant role in shaping the city's commercial landscape.
Valuable resources for attorneys in Minneapolis are the Minnesota State Bar Association and the Star Tribune. The Bar Association provides networking opportunities and vital resources for attorneys, while the Star Tribune offers key insights into local business and legal developments.
The Downtown Minneapolis and Central Minneapolis neighborhoods are known for their high concentration of law firms and commercial buildings, making them prime locations for attorneys in search of office spaces.
Minneapolis provides a range of lodging options, a vibrant dining scene, various entertainment venues, and a comprehensive public transportation system, making the city highly appealing to attorneys seeking shared office spaces.
For attorneys interested in finding individual offices for sublease, LookingForSpace.com serves as a valuable platform. It connects law firms with surplus office spaces to attorneys seeking shared legal office spaces in Minneapolis's active real estate market.
The commercial office space market in Minneapolis experienced varied dynamics in the first quarter of 2023. Total absorption stood at negative 106,408 square feet, although this represented a 22% improvement from the previous quarter. Asking rates in the downtown area were 8% higher than those in the suburbs, averaging $18.16 per square foot. Interestingly, the 394 submarket recorded the highest asking rates, 15% higher than the market average. Sublease availability slightly increased to 3.8 million square feet, with a significant portion of the market (63%) made up of large spaces greater than 50,000 square feet. Furthermore, leasing activity reached 824,811 square feet, with Class A spaces accounting for 55% of total activity. Remarkably, new leases surpassed renewals, making up 67% of the total leasing volume