The typical asking rate per listing is in the $40's per square foot per year. The Downtown Birmingham submarket is going through a an increase in rates. In the last 3 months, the median rate increased $1 per sqft per year. That's a 2% rise in rent.
Compared to the rest of the Metro Detroit market, the Downtown Birmingham region has greater rates, and you'll need to make a great offer to be in this hot region.
In the last 90 days, 11 listings have come on the market, which means office spaces most likley are leasing quickly. You'll want to be prepared to make an offer immediately. About 36% of the available leases in the Downtown Birmingham 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 available, so finding a space for a small business might be tough.
Even though the median size is 2,920 sqft, there are still 0 office spaces below 2,000 sqft. Most properties in this area are approximately 3 floors. Most buildings in this market were built in 1970 and are Class A.
A large portion of this area is residential, but there's plenty of office_space. Manufacturing is the dominant industry in this market. Commute by car is the most popular way to get to work amongst Downtown Birmingham residents. Commuting around 20 minutes a day is the norm for those who opt to reside in this part of town.