Most listings are in the $30's per square foot per year. The Downtown Royal Oak region is seeing a decline in rates. In the last 3 months, the median rate decreased $5 per sqft per year. That's a 14% decrease in rent.
Compared to the rest of the Metro Detroit market, the Downtown Royal Oak region has more expensive rates, and you'll need to make a great offer to be in this hot region.
In the last 90 days, 17 listings have been listed, which means office spaces most likley are leasing quickly. You'll want to be prepared to tour spaces as quick as possible. About 6% of the office spaces in the Downtown Royal Oak are subleases, so you will probably have to focus your search on direct office leases. 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 10,000 sqft, there are still 0 new availabilities below 2,000 sqft. Most properties in this market are approximately 2 stories. Most buildings in this area were built in 0 and are Class Class B.
Arts, entertainment, and restaurants are the dominant industries in this area. Commute by car is the most popular way to get to work amongst Downtown Royal Oak residents. Commuting more than an hour and a half a day is the norm for those who opt to reside in this part of town.