On average, listings lease in the $20's per square foot per year. The Ferndale submarket is experiencing a a rise in rates. In the last 3 months, the median rate went up $24 per sqft per year.
Compared to the rest of the Metro Detroit market, the Ferndale region has higher rates, and you'll have to negotiate above asking rent to be in this hot submarket.
In the last 90 days, 2 listings have been posted online, which means new listings are probably 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 available, so finding a space for a small business might be tough.
Even though the median size is 9,530 sqft, there are still 0 office spaces below 2,000 sqft. Most buildings in this area are approximately 1 stories. Most buildings in this market were built in 1950 and are Class Class B.
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 market. Most of the occupants of Ferndale work from home. Commuting close to 10 minutes a day is the norm for those who opt to reside in this part of town.