Most listings are in the $30's per square foot per year. The Downtown Royal Oak region is experiencing a decrease in rates. In the last 3 months, the median rate fell $5 per sqft per year. That's a 14% decline in rent.
Compared to the rest of the Metro Detroit market, the Downtown Royal Oak submarket has higher rates, and you'll need to pay a premium to be in this hot region.
In the last 90 days, 13 listings have been made available, which means leases might be leasing quickly. You'll want to be prepared to make an offer immediately. About 8% of the listings in the Downtown Royal Oak are subleases, so you will probably need to sign a longer term lease with the landlord directly. 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 12,200 sqft, there are still 0 leases below 2,000 sqft. Most buildings in this region are close to 2 floors. Most buildings in this region were built in 0 and are Class Class B.
Arts, entertainment, and restaurants are the dominant industries in this market. 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.