On average, listings lease in the $10's per square foot per year. The Downtown Royal Oak submarket is experiencing a decline in rates. In the last 3 months, the median rate decreased $9 per sqft per year. That's a 32% decline in rent.
Compared to the rest of the Metro Detroit market, the Downtown Royal Oak region has less expensive rates, so you should have no trouble finding a great deal in this undervalued region.
In the last 90 days, 14 listings have been listed, which means spaces most likley are going fast. You'll want to be prepared to tour spaces as quick as possible. About 50% of the office spaces in the Downtown Royal Oak 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 posted, so finding a space for a small business might be tough.
The standard measurement for office space in this area is around 1,250 sqft. Most buildings in this market are close to 2 stories. Most buildings in this market were built in 0 and are Class A.
Arts, entertainment, and restaurants are the dominant industries in this area. Commute by car is the most popular way to get to work amongst Downtown Royal Oak folk. Commuting more than an hour and a half a day is the norm for those who opt to reside in this part of town.