On average, listings lease in the $20's per square foot per year. The Downtown Troy region is going through a decline in rates. In the last 3 months, the median rate fell $1 per sqft per year. That's a 5% decline in rent.
Compared to the rest of the Metro Detroit market, the Downtown Troy region has higher rates, and you'll need to pay a premium to be in this hot submarket.
In the last 90 days, 83 listings have been listed, so you'll want to check back regularly for new listings. About 1% of the listings in the Downtown Troy are subleases, so you will probably need to sign a longer term lease with the landlord directly. 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 2,880 sqft, there are still 0 spaces below 2,000 sqft. Most buildings in this area are close to 3 floors. Most buildings in this region were built in 1985 and are Class B.
Arts, entertainment, and restaurants are the dominant industries in this area. Most of the residents of Downtown Troy work from home. Commuting between 30 and 45 minutes a day is the norm for those who opt to reside in this part of town.