The typical asking rate per listing is in the $20's per square foot per year. The Downtown Madison Heights submarket is experiencing a an increase in rates. In the last 3 months, the median rate increased $5 per sqft per year. That's a 33% increase in rent.
Compared to the rest of the Metro Detroit market, the Downtown Madison Heights region has smaller rates, so you should have no trouble finding a great deal in this undervalued region.
In the last 90 days, 30 listings have come on the market, which means new listings might be leasing quickly. You'll want to be prepared to make an offer immediately. About 3% of the available leases in the Downtown Madison Heights are subleases, so you will probably need to sign a longer term lease with the landlord directly. There aren't many listings below 2,000 square feet posted, so finding a space for a small business might be tough.
The standard measurement for office space in this area is around 2,370 sqft. Most properties in this region are approximately 1 floors. Most buildings in this market were built in 1950 and are Class C.
Not much of the real estate is used for commercial space, so it might be hard to find office space. Finance and insurance are the dominant industries in this area. Commute by walking is the most popular way to get to work amongst Downtown Madison Heights folk. Commuting approximately an hour a day is the norm for those who opt to reside in this part of town.
Real time and historical data on commercial real estate listings in Downtown Madison Heights.
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