Is $0.625 per sq. ft. a month ($7.50/sq.ft./year) a good rate for commercial space? Is it better than what we are paying now?

At the annual meeting last weekend (3/31/12) it was mentioned that we probably couldn't get any more space in the building we are in because the main tenant just invested a lot in redoing their office and probably won't be leaving or reducing operations.

I also noted that we spend a lot for rent, but I can't remember the exact number. What is the square footage for the Hack Factory? What do we pay per square foot?

Also, I noticed that there was a "For Rent" sign on the building next door at 3105 E. 26th St., Minneapolis, MN 55406

I did a little research and found this listing for it on Craigslist:

$2500 / 4000ft² - Commercial Building (Minneapolis) (map)
Date: 2012-03-29, 11:24AM CDT
Reply to: rf8gw-2906947004@hous.craigslist.org

Shop space with overhead door for drive in. 4000 square feet. Great location. Industrial area. High ceilings.

Please call Jeff @ 612-490-400 Zero

Great location to interstate 94 and close to Highway 55 in south Minneapolis.

we're in just shy of 9000 sq ft now, with included utilities.

i forget our # off the top of my head, but for comparison purposes in commercial rental you typically go with cost/sqft/year and may or may not include core utilities (heat, electric, water), but we land at around $4 inclusive. within first ring burbs when we were signing our least last year prices for warehouse was in the 3-5$ range *not* including utilities.

iirc it's not the main tenant, it's the one in the space which would make the most sense for us to expand into who is remodeling. there are a number of spots in the building, and there's no real telling what any of them may be pondering.

we're not quite squeezed out of our current space yet, not can we quite afford to expand or move yet, but we do want to keep our eyes open.

**edit**
i just realized that's the auto guys next door, iirc the sign is just up and they're not planning on moving out, i believe judeling knows more.

As it stands right now the sign on the building next door doesn't relate to that building. Just like the sign on our building (next to Jepsen).

Lake Country Auto has first dibs on space in the building next door.

Free Geek called on this space, the contact mentioned Maintenace and Utilities were to be added. This appears to be Snow, Mow, etc so not too much maintenance, but still.
(As a side note, Free Geek found several store front Retail sites for $7 sq ft /yr, some close to the Hack Factory, others in the burbs.)


We have (Free Geek) found several spaces near $4 for Industrial / warehouse space (Plus utilities) and maintenance varies.


There are two spaces just within blocks of the current Hack Factory space right now.

A search of Craigslist has also found a number of deals north of the U of M near Como and 280..

I know a couple commercial realtors who specialize mostly in the northern suburbs but may be good contacts when we begin a full on search for a larger space. I would be happy to contact them when the time comes, just let me know.

Maybe we could rent out that Monster house under the bed place on the front lawn. It's probably just the right size for a laser cutter operation!