On average, listings lease in the $20's per square foot per year. The Royal Oak submarket is going through a an increase in rates. In the last 3 months, the median rate rose $26 per sqft per year.
Compared to the rest of the Metro Detroit market, the Royal Oak region has more expensive rates, and you'll have to negotiate above asking rent to be in this hot region.
In the last 90 days, 40 listings have come on the market, which means listings might be leasing quickly. You'll want to be prepared to tour spaces as quick as possible. About 48% of the available space in the Royal Oak 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 available, so finding a space for a small business might be tough.
Even though the median size is 2,520 sqft, there are still 0 leases below 2,000 sqft. Most properties in this region are approximately 1 floors. Most buildings in this region were built in 1950 and are Class B.
This area is fairly equally mixed residential and commercial. Public administration is the dominant industry in this region. Commute by walking is the most popular way to get to work amongst Royal Oak occupants. Commuting close to an hour and a half a day is the norm for those who opt to reside in this part of town.