Novi Retail

Novi

Office Space Market Report

Number of Listings (last 90 days)
25
Median Rate ($/sqft/yr)
$25
Median Size (sqft)
4,300
As of: February 27, 2017

Novi Rates

The typical asking rate per listing is in the $20's per square foot per year. The Novi region is experiencing a decrease in rates. In the last 3 months, the median rate fell $3 per sqft per year. That's a 12% decrease in rent.

Compared to the rest of the Metro Detroit market, the Novi submarket has greater rates, and you'll need to make a great offer to be in this hot submarket.

Novi Listing Supply

In the last 90 days, 25 listings have been made available, which means new availabilities are probably going fast. You'll want to be prepared to make an offer immediately. About 8% of the office spaces in the Novi 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 on the market, so finding a space for a small business might be tough.

Even though the median size is 4,300 sqft, there are still 0 listings below 2,000 sqft. Most buildings in this area are around 1 floors. Most buildings in this region were built in 1995 and are Class B.

Novi Community

Market Report

Trends and status of the commercial real estate market in Novi.
Market Report

Market Data

Real time and historical data on commercial real estate listings in Novi.
Research

Novi Submarkets