On average, listings lease in the $40's per square foot per year. The Downtown Birmingham submarket is experiencing a an increase in rates. In the last 3 months, the median rate went up $1 per sqft per year. That's a 3% rise in rent.
Compared to the rest of the Metro Detroit market, the Downtown Birmingham submarket has higher rates, and you'll have to negotiate above asking rent to be in this hot region.
In the last 90 days, 11 listings have been made available, which means listings might be leasing quickly. You'll want to be prepared to tour spaces as quick as possible. About 9% of the listings in the Downtown Birmingham 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 on the market, so finding a space for a small business might be tough.
Even though the median size is 3,200 sqft, there are still 0 new availabilities below 2,000 sqft. Most buildings in this market are around 3 floors. Most buildings in this region were built in 1974 and are Class A.
A large portion of this area is residential, but there's plenty of office_space. Manufacturing is the dominant industry in this area. Commute by car is the most popular way to get to work amongst Downtown Birmingham folk. Commuting close to 20 minutes a day is the norm for those who opt to reside in this part of town.