Novi Retail

Novi

Office Space Market Report

Number of Listings (last 90 days)
19
Median Rate ($/sqft/yr)
$21
Median Size (sqft)
3,050
As of: June 21, 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 a rise in rates. In the last 3 months, the median rate went up $21 per sqft per year.

Compared to the rest of the Metro Detroit market, the Novi submarket has less expensive rates, so you should have no trouble finding a great deal in this undervalued region.

Novi Listing Supply

In the last 90 days, 19 listings have been listed, which means new listings might be leasing quickly. You'll want to be prepared to make an offer immediately. About 53% of the listings in the Novi are subleases, so you might be able to find a shorter term or below market rent. There aren't many listings below 2,000 square feet posted, so finding a space for a small business might be tough.

Even though the median size is 3,050 sqft, there are still 0 new availabilities below 2,000 sqft. Most properties in this market are around 1 floors. Most buildings in this region were built in 1995 and are Class B.

Novi Community

Not much of the real estate is used for commercial space, so it might be hard to find office space. Construction is the dominant industry in this area. Most of the residents of Novi work from home. Commuting close to an hour and a half a day is the norm for those who opt to reside in this part of town.

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