The typical asking rate per listing is in the $30's per square foot per year. The Downtown Royal Oak region is experiencing a a rise in rates. In the last 3 months, the median rate increased $33 per sqft per year.
Compared to the rest of the Metro Detroit market, the Downtown Royal Oak region has greater rates, and you'll have to negotiate above asking rent to be in this hot submarket.
In the last 90 days, 14 listings have been made available, which means listings might be leasing quickly. You'll want to be prepared to tour spaces as quick as possible. About 64% of the listings 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 available, so finding a space for a small business might be tough.
Even though the median size is 3,000 sqft, there are still 0 spaces below 2,000 sqft. Most buildings in this market are around 2 stories. Most buildings in this area were built in 0 and are Class A.
Arts, entertainment, and restaurants are the dominant industries in this region. 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.