Most listings are in the $20's per square foot per year. The Royal Oak region is seeing a decline in rates. In the last 3 months, the median rate fell $4 per sqft per year. That's a 14% decrease in rent.
Compared to the rest of the Metro Detroit market, the Royal Oak submarket has higher rates, and you'll need to make a great offer to be in this hot region.
In the last 90 days, 40 listings have been made available, which means listings might be going fast. You'll want to be prepared to tour spaces as quick as possible. About 3% of the office spaces in the Royal Oak are subleases, so you will probably have to consider a longer term 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 8,370 sqft, there are still 0 spaces below 2,000 sqft. Most properties in this region are approximately 1 floors. Most buildings in this region were built in 1950 and are Class B.
This region is fairly equally mixed residential and commercial. Public administration is the dominant industry in this market. Commute by walking is the most popular way to get to work amongst Royal Oak residents. Commuting approximately an hour and a half a day is the norm for those who opt to reside in this part of town.