Most listings are in the $30's per square foot per year. The Downtown Royal Oak submarket is going through a decline in rates. In the last 3 months, the median rate decreased $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 region has greater 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 listed, which means new listings most likley are leasing quickly. You'll want to be prepared to tour spaces as quick as possible. About 8% of the available space in the Downtown Royal Oak are subleases, so you will probably need to consider the implications of signing a direct lease with the building. There aren't many listings below 2,000 square feet on the market, 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 buildings in this area are approximately 2 stories. Most buildings in this region were built in 0 and are Class A.
Arts, entertainment, and restaurants are the dominant industries in this region. 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.