On average, listings lease in the $20's per square foot per year. The Downtown Troy submarket is seeing a decline in rates. In the last 3 months, the median rate fell $2 per sqft per year. That's a 9% decline in rent.
Compared to the rest of the Metro Detroit market, the Downtown Troy region has less expensive rates, so you should have no trouble finding a great deal in this depreciated submarket.
In the last 90 days, 83 listings have been listed, so you'll want to check back regularly for new listings. About 84% of the available leases in the Downtown Troy are subleases, so you might be able to snag a great spot on a short term. 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 3,430 sqft, there are still 0 office spaces below 2,000 sqft. Most buildings in this area are around 3 stories. Most buildings in this market were built in 1985 and are Class B.
Arts, entertainment, and restaurants are the dominant industries in this market. Most of the occupants of Downtown Troy work from home. Commuting between 30 and 45 minutes a day is the norm for those who opt to reside in this part of town.