The typical asking rate per listing is in the $30's per square foot per year. The Downtown Royal Oak region is going through a decrease in rates. In the last 3 months, the median rate decreased $5 per sqft per year. That's a 14% decline in rent.
Compared to the rest of the Metro Detroit market, the Downtown Royal Oak region has higher rates, and you'll have to negotiate above asking rent to be in this hot submarket.
In the last 90 days, 16 listings have been posted online, which means new availabilities are probably leasing quickly. You'll want to be prepared to tour spaces as quick as possible. About 6% of the office spaces in the Downtown Royal Oak are subleases, so you will probably have to focus your search on direct office leases. 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 10,000 sqft, there are still 0 leases below 2,000 sqft. Most buildings in this area are around 2 floors. Most buildings in this market were built in 0 and are Class Class B.
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 occupants. Commuting more than an hour and a half a day is the norm for those who opt to reside in this part of town.