On average, listings lease in the $10's per square foot per year. The Ferndale submarket is seeing a decline in rates. In the last 3 months, the median rate fell $5 per sqft per year. That's a 22% decrease in rent.
Compared to the rest of the Metro Detroit market, the Ferndale submarket has lower rates, so you should have no trouble finding a great deal in this depreciated region.
In the last 90 days, 7 listings have been posted online, which means new listings are probably leasing quickly. You'll want to be prepared to make an offer immediately. There aren't many listings below 2,000 square feet on the market, so finding a space for a small business might be tough.
The standard measurement for office space in this area is around 1,900 sqft. Most buildings in this area are around 1 floors. Most buildings in this area were built in 1950 and are Class C.
Not much of the real estate is used for commercial space, so it might be hard to find office space. Finance and insurance are the dominant industries in this area. Most of the residents of Ferndale work from home. Commuting around 10 minutes a day is the norm for those who opt to reside in this part of town.