The typical asking rate per listing is in the $20's per square foot per year. The Downtown Troy region is experiencing a decrease in rates. In the last 3 months, the median rate decreased $1 per sqft per year. That's a 3% decrease in rent.
Compared to the rest of the Metro Detroit market, the Downtown Troy submarket has greater rates, and you'll have to negotiate above asking rent to be in this hot submarket.
In the last 90 days, 59 listings have been posted online, so you'll want to check back regularly for new listings. About 5% of the available space in the Downtown Troy 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 posted, so finding a space for a small business might be tough.
Even though the median size is 3,240 sqft, there are still 0 new listings below 2,000 sqft. Most properties in this area are around 3 stories. Most buildings in this market were built in 1984 and are Class B.
Arts, entertainment, and restaurants are the dominant industries in this area. Most of the occupants 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.