On average, listings lease in the $30's per square foot per year. The Downtown Royal Oak region is seeing a decline in rates. In the last 3 months, the median rate fell $5 per sqft per year. That's a 14% decline in rent.
Compared to the rest of the Metro Detroit market, the Downtown Royal Oak submarket has higher rates, and you'll need to make a great offer to be in this hot region.
In the last 90 days, 13 listings have been posted online, which means listings most likley are leasing quickly. You'll want to be prepared to tour spaces as quick as possible. 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 12,200 sqft, there are still 0 office spaces below 2,000 sqft. Most properties in this area are close to 2 floors. Most buildings in this area were built in 0 and are Class Class B.
A large portion of this area is residential, but there's plenty of office_space. Arts, entertainment, and restaurants are the dominant industries in this market. Commute by car is the most popular way to get to work amongst Downtown Royal Oak occupants. Commuting more than an hour and a half a day is the norm for those who opt to reside in this part of town.