On average, listings lease in the $20's per square foot per year. The Downtown Troy region is going through a decline in rates. In the last 3 months, the median rate fell $1 per sqft per year. That's a 5% decrease in rent.
Compared to the rest of the Metro Detroit market, the Downtown Troy region has higher rates, and you'll have to negotiate above asking rent to be in this hot submarket.
In the last 90 days, 83 listings have been posted online, so you'll want to check back regularly for new listings. About 2% of the office spaces in the Downtown Troy 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 posted, so finding a space for a small business might be tough.
Even though the median size is 2,880 sqft, there are still 0 leases below 2,000 sqft. Most buildings in this market are approximately 3 floors. Most buildings in this market were built in 1985 and are Class B.
Arts, entertainment, and restaurants are the dominant industries in this region. Most of the residents of Downtown Troy work from home. Commuting between 30 and 45 minutes a day is the norm for those who opt to reside in this part of town.