Novi Office Space

Novi

Office Space Market Report

Number of Listings (last 90 days)
25
Median Rate ($/sqft/yr)
$25
Median Size (sqft)
4,300
As of: February 24, 2017

Novi Rates

On average, listings lease in the $20's per square foot per year. The Novi region is seeing a decrease in rates. In the last 3 months, the median rate fell $3 per sqft per year. That's a 12% decline in rent.

Compared to the rest of the Metro Detroit market, the Novi submarket has higher rates, and you'll need to make a great offer to be in this hot region.

Novi Listing Supply

In the last 90 days, 25 listings have been made available, which means leases most likley are leasing quickly. You'll want to be prepared to tour spaces as quick as possible. About 8% of the listings in the Novi are subleases, so you will probably need to sign a longer term lease with the landlord directly. 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 4,300 sqft, there are still 0 new listings below 2,000 sqft. Most properties in this region are close to 1 floors. Most buildings in this market were built in 1995 and are Class B.

Novi Community

Market Report

Trends and status of the commercial real estate market in Novi.
Market Report

Market Data

Real time and historical data on commercial real estate listings in Novi.
Research

Novi Submarkets