Novi Commercial Real Estate

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41252 Vincenti Ct - Space Novi, Novi, MI  
Sep 25
4,400
sqft
Office
39955 W 14 Mile Rd - Space Novi, Novi, MI plus utilities
Sep 22
1,570
sqft
Office
23895 Novi Rd - 2 Spaces Novi, Novi, MI This listing is a modified gross lease.
Sep 09
960 - 970
sqft
Office Medical
Novi's Sub Markets

Novi

Market Report

Number of Listings
Posted in the last 90 days
1
Median Rate ($/sqft/yr)
$30
Median Size (sqft)
4,400

Novi Rates

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

Compared to the rest of the Metro Detroit market, the Novi region has higher rates, and you'll need to pay a premium to be in this hot region.

Novi Listing Supply

In the last 90 days, 293 listings have come on the market, so you'll want to check back regularly for new listings. About 3% of the listings 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 available, so finding a space for a small business might be tough.

Even though the median size is 4,400 sqft, there are still 0 office spaces 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