2020 Office Space Rent & Sales
- $22.82 2020 Avg. Asking Rent
- -1.91 % Y-o-Y Avg. Asking Rent Change
- 15.28 % 2020 Office Vacancy Rate
Farmington Hills office price per square foot in 2020 was $22.82 on average. This marked a -1.91 % change in office space price per square foot compared to the previous year. The local office market recorded an average vacancy rate of 15.28 % across all asset classes combined.
Average Rent by Office Class
2020 Average Office Rent per Square Foot
- Farmington Hills Class A Office Space$23.85
- Farmington Hills Class B Office Space$22.31
- Michigan Class A Office Space$25.50
- Michigan Class B Office Space$20.35
- Michigan Class C Office Space$17.64
Farmington Hills, MI Office Asking Rents by Class
2020 Office Construction in Farmington Hills, MI
- Farmington Hills, MI Total Sqft completed in 2020
- Farmington Hills, MI Total Sqft under construction in 2021 200,000
During 2020, square feet of new office space were delivered across the market. At the close of 2020, the Farmington Hills office inventory included buildings equal to or larger than 25,000 square feet, which comprised square feet of office space. Looking forward, development activity throughout 2021 is estimated to add 200,000 square feet of office space to the market, before year-end.
|Mercedes Benz Financial Services - Headquarters||36237 West 12 Mile Road, 48331||200,000||2021|
|22710 Haggerty Road||22710 Haggerty Road, 48335||25,740||2004|
|Farmington Hills Officenter II||36455 Corporate Drive, 48331||153,500||2002|
|Orchards Executive Park||22670 Haggerty Road, 48335||72,680||2002|
|Farmington Hills Officenter I||27555 Executive Drive, 48331||182,280||2001|
|37101 Corporate Drive||37101 Corporate Drive, 48331||128,829||2001|
|Gentherm World Headquarters||21680 Haggerty Road, 48167||82,500||2001|
|GenCorp Building||36600 Corporate Drive, 48331||74,058||2001|
|Fairways Office Center||28470 West 13 Mile Road, 48334||35,426||2001|
|The Drake International Center||27360 Drake Road, 48331||112,480||2000|
Worth noting among recent office completions on the Farmington Hills market is Mercedes Benz Financial Services - Headquarters, which is currently the largest new office development in the city, at 200,000 square feet.
See reports for nearby markets
This market stats report is based on analysis of city-level data that includes office properties equal to or larger than 25,000 square feet in size. Averages were calculated based on values dated January 1st 2020 through December 31st 2020. Construction pipeline data represented herein is valid as of April 2021. The information on this page was compiled using data provided by CommercialEdge, a market intelligence solution which offers comprehensive real market knowledge on all Farmington Hills commercial properties sized 25,000 square feet or larger.
While every effort was made to ensure the accuracy of the data presented in this report, the information is provided “as is” and neither CommercialCafe nor CommercialEdge can guarantee that the information provided is complete.