On average, listings lease in the $20's per square foot per year. The Royal Oak submarket is experiencing a decline in rates. In the last 3 months, the median rate fell $12 per sqft per year. That's a 31% decline in rent.
Compared to the rest of the Metro Detroit market, the Royal Oak region has higher rates, and you'll have to negotiate above asking rent to be in this hot submarket.
In the last 90 days, 28 listings have been made available, which means office spaces might be going fast. You'll want to be prepared to make an offer immediately. About 4% of the listings in the 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 available, so finding a space for a small business might be tough.
Even though the median size is 9,500 sqft, there are still 0 new listings below 2,000 sqft. Most properties in this area are around 1 floors. Most buildings in this market were built in 1946 and are Class Class B.