On average, listings lease in the $20's per square foot per year. The Downtown Ferndale submarket is experiencing a an increase in rates. In the last 3 months, the median rate went up $24 per sqft per year.
Compared to the rest of the Metro Detroit market, the Downtown Ferndale region has higher rates, and you'll have to negotiate above asking rent to be in this hot submarket.
In the last 90 days, 20 listings have been made available, which means spaces most likley are leasing quickly. You'll want to be prepared to tour spaces as quick as possible. About 10% of the available leases in the Downtown Ferndale 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 available, so finding a space for a small business might be tough.
The standard measurement for office space in this area is around 1,350 sqft. Most buildings in this region are approximately 1 floors. Most buildings in this market were built in 1953 and are Class C.
Not much of the real estate is used for commercial space, so it might be hard to find office space. Health care is the dominant industry in this region. Commute by bike is the most popular way to get to work amongst Downtown Ferndale folk. Commuting under 5 minutes 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 Ferndale.
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