Novi Office Space

Novi

Office Space Market Report

Number of Listings (last 90 days)
19
Median Rate ($/sqft/yr)
$24
Median Size (sqft)
4,030
As of: February 24, 2017

Novi Rates

The typical asking rate per listing is in the $20's per square foot per year. The Novi region is experiencing a a boost in rates. In the last 3 months, the median rate rose $3 per sqft per year. That's a 13% rise in rent.

Compared to the rest of the Metro Detroit market, the Novi region has greater rates, and you'll have to negotiate above asking rent to be in this hot region.

Novi Listing Supply

In the last 90 days, 21 listings have come on the market, which means leases might be leasing quickly. You'll want to be prepared to make an offer immediately. About 5% of the available leases in the Novi are subleases, so you will probably have to consider a longer term 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 4,030 sqft, there are still 0 spaces 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

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 region. 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