Novi Industrial

Novi

Market Report

Number of Listings
Posted in the last 90 days
13
Median Rate ($/sqft/yr)
$21
Median Size (sqft)
2,660

Novi Rates

On average, listings lease in the $30's per square foot per year. The Novi submarket is going through a a rise in rates. In the last 3 months, the median rate rose $9 per sqft per year. That's a 44% increase in rent.

Compared to the rest of the Metro Detroit market, the Novi region has greater rates, and you'll have to negotiate above asking rent to be in this hot region.

Novi Listing Supply

In the last 90 days, 293 listings have been made available, so you'll want to check back regularly for new listings. About 3% of the available leases in the Novi are subleases, so you will probably have to focus your search on direct office leases. 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 4,400 sqft, there are still 0 new availabilities below 2,000 sqft. Most properties in this region are close to 1 floors. Most buildings in this region were built in 1995 and are Class B.

Novi Community

Not much of the real estate is used for commercial space, so it might be hard to find office space. Construction is the dominant industry in this market. Most of the occupants of Novi work from home. Commuting close to an hour and a half a day is the norm for those who opt to reside in this part of town.

Market Data

Real time and historical data on commercial real estate listings in Novi.
Research