On average, listings lease in the $10's per square foot per year. The Ferndale submarket is seeing a decrease in rates. In the last 3 months, the median rate decreased $5 per sqft per year. That's a 22% decline in rent.
Compared to the rest of the Metro Detroit market, the Ferndale submarket has lower rates, so you should have no trouble finding a great deal in this discounted region.
In the last 90 days, 7 listings have been listed, which means leases most likley are leasing quickly. You'll want to be prepared to make an offer immediately. 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 1,900 sqft. Most properties in this market are approximately 1 floors. Most buildings in this region 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 market. Most of the occupants of Ferndale work from home. Commuting approximately 10 minutes a day is the norm for those who opt to reside in this part of town.