The typical asking rate per listing is in the $20's per square foot per year. The Royal Oak region is going through a decline in rates. In the last 3 months, the median rate fell $10 per sqft per year. That's a 26% decrease in rent.
Compared to the rest of the Metro Detroit market, the Royal Oak submarket has higher rates, and you'll need to make a great offer to be in this hot submarket.
In the last 90 days, 28 listings have been made available, which means new listings might be leasing quickly. You'll want to be prepared to tour spaces as quick as possible. There aren't many listings below 2,000 square feet posted, so finding a space for a small business might be tough.
Even though the median size is 7,500 sqft, there are still 0 spaces below 2,000 sqft. Most properties in this region are close to 1 floors. Most buildings in this region were built in 1950 and are Class B.
Not much of the real estate is used for commercial space, so it might be hard to find office space. Public administration is the dominant industry in this market. Commute by walking is the most popular way to get to work amongst Royal Oak residents. Commuting around an hour and a half a day is the norm for those who opt to reside in this part of town.