Novi Office Space

Novi

Office Space Market Report

Number of Listings (last 90 days)
19
Median Rate ($/sqft/yr)
$24
Median Size (sqft)
3,050
As of: March 29, 2017

Novi Rates

On average, listings lease in the $20's per square foot per year. The Novi submarket is seeing a decrease in rates. In the last 3 months, the median rate fell $3 per sqft per year. That's a 11% decrease in rent.

Compared to the rest of the Metro Detroit market, the Novi submarket has lower rates, so you should have no trouble finding a great deal in this undervalued submarket.

Novi Listing Supply

In the last 90 days, 19 listings have been made available, which means new listings are probably going fast. You'll want to be prepared to make an offer immediately. About 11% of the listings in the Novi are subleases, so you might be able to sign a shorter term by taking over a previous lease. 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 spaces below 2,000 sqft. Most properties in this region are approximately 1 stories. Most buildings in this region were built in 1995 and are Class B.

Novi Community

Not much of the real estate is used for commercial space, so it might be hard to find office space. Construction is the dominant industry in this area. Most of the residents of Novi work from home. Commuting close to an hour and a half a day is the norm for those who opt to reside in this part of town.

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