Most listings are in the $20's per square foot per year. The Royal Oak submarket is going through a decrease in rates. In the last 3 months, the median rate decreased $10 per sqft per year. That's a 26% decline in rent.
Compared to the rest of the Metro Detroit market, the Royal Oak region has greater rates, and you'll have to negotiate above asking rent to be in this hot region.
In the last 90 days, 36 listings have been posted online, which means office spaces might be leasing quickly. You'll want to be prepared to make an offer immediately. About 3% of the available leases in the Royal Oak are subleases, so you will probably have to consider a longer term lease. 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 3,000 sqft, there are still 0 new availabilities below 2,000 sqft. Most buildings in this market are approximately 1 stories. Most buildings in this market were built in 1950 and are Class B.
This region is fairly equally mixed residential and commercial. Public administration is the dominant industry in this area. Commute by walking is the most popular way to get to work amongst Royal Oak occupants. Commuting around an hour and a half a day is the norm for those who opt to reside in this part of town.