On average, listings lease in the $30's per square foot per year. The Downtown Royal Oak submarket is experiencing a a boost in rates. In the last 3 months, the median rate increased $33 per sqft per year.
Compared to the rest of the Metro Detroit market, the Downtown Royal Oak submarket has more expensive rates, and you'll need to make a great offer to be in this hot region.
In the last 90 days, 14 listings have come on the market, which means office spaces are probably leasing quickly. You'll want to be prepared to make an offer immediately. About 64% of the available space in the Downtown Royal Oak are subleases, so you might be able to sign a shorter term by taking over a previous lease. 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 3,000 sqft, there are still 0 listings below 2,000 sqft. Most properties in this area are around 2 stories. Most buildings in this area were built in 0 and are Class A.
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 folk. Commuting more than an hour and a half a day is the norm for those who opt to reside in this part of town.