On average, listings lease in the $40's per square foot per year. The Downtown Birmingham region is experiencing a a rise in rates. In the last 3 months, the median rate increased $1 per sqft per year. That's a 3% rise in rent.
Compared to the rest of the Metro Detroit market, the Downtown Birmingham submarket has greater rates, and you'll need to pay a premium to be in this hot submarket.
In the last 90 days, 11 listings have been posted online, which means new availabilities are probably going fast. You'll want to be prepared to tour spaces as quick as possible. About 9% of the office spaces in the Downtown Birmingham are subleases, so you will probably need to consider the implications of signing a direct lease with the building. 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 3,200 sqft, there are still 0 office spaces below 2,000 sqft. Most properties in this market are close to 3 floors. Most buildings in this area were built in 1974 and are Class A.
A large portion of this area is residential, but there's plenty of office_space. Manufacturing is the dominant industry in this market. Commute by car is the most popular way to get to work amongst Downtown Birmingham residents. Commuting approximately 20 minutes a day is the norm for those who opt to reside in this part of town.