On average, listings lease in the $20's per square foot per year. The Ferndale region is going through 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 Ferndale submarket has more expensive rates, and you'll need to pay a premium to be in this hot region.
In the last 90 days, 7 listings have been listed, which means new listings most likley are leasing quickly. You'll want to be prepared to make an offer immediately. About 143% of the office spaces in the Ferndale are subleases, so you might be able to find a shorter term or below market rent. 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 1,350 sqft. Most properties in this market are approximately 1 floors. Most buildings in this region were built in 1951 and are Class Class B.
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 region. Most of the occupants of Ferndale work from home. Commuting close to 10 minutes a day is the norm for those who opt to reside in this part of town.