2021 Office Space Rent & Sales
- $22.37 2021 Avg. Asking Rent
- -1.98% Y-o-Y Avg. Asking Rent Change
- 19.68% 2021 Office Vacancy Rate
- $18.5M2021 Total Office Sales
- $82.06Avg. Sale Price/SF
Farmington Hills office price per square foot in 2021 was $22.37 on average. This marked a -1.98% change in office space price per square foot compared to the previous year. The local office market recorded an average vacancy rate of 19.68% across all asset classes combined. The 3 transactions that closed here throughout 2021 amounted to a total sale volume of $18.5M. Farmington Hills office space commanded an average sale price per square foot of $82.06.
Average Rent by Office Class
2021 Average Office Rent per Square Foot
- Farmington Hills Class A & A+ Office Space$23.35
- Farmington Hills Class B Office Space$21.88
- Farmington Hills Class C Office Space$19.49
- Michigan Class A & A+ Office Space$24.29
- Michigan Class B Office Space$20.42
- Michigan Class C Office Space$17.17
Farmington Hills, MI Office Asking Rents by Class
Average office rent in Farmington Hills rested at $22.37 per square foot in 2021. As would be expected, office rent price showed some variation from one asset class to another. As such, the asking rent for class A office space in Farmington Hills averaged $23.35 per square foot. Across all submarkets, class B office space recorded an average asking rent of $21.88 per square foot. Meanwhile, assets encompassing class C office space saw asking rents of $19.49 per square foot, on average. Comparably, statewide Michigan average office rents by class in 2021 were: $24.29 per square foot for class A office space; $20.42 per square foot for class B office space; $17.17 per square foot for class C office space.
Office Spaces for Rent in Michigan
- Detroit Office Space
- Ann Arbor Office Space
- Southfield Office Space
- Troy Office Space
- Grand Rapids Office Space
- Lansing Office Space
- Farmington Hills Office Space
- Novi Office Space
- Livonia Office Space
- Dearborn Office Space
- Flint Office Space
- Okemos Office Space
- Auburn Hills Office Space
- East Lansing Office Space
- Birmingham Office Space
Farmington Hills Office Sale Price per SF
- $82.062021 Avg. Price per SF
- $18.5M2021 Office Sales Volume
- 32021 Number of Transactions
Farmington Hills, MI Sale Price per SF Trend
- Farmington Hills Avg. Sale Price per SF in 2021$82.06
- Michigan Avg. Sale Price per SF in 2021$104.92
2021 Office Sales Volume
- Farmington Hills, MI Total Office Sales Volume in 2021 $18.5M
- Farmington Hills, MI Total Number of Office Sales Closed in 2021 3
Largest Farmington Hills Office Sales in 2021
| Property name | Address | Date | Price |
|---|---|---|---|
| Drake Pointe | 35055 West 12 Mile Road | 3/25/2021 | $6,852,700 |
| Calsonic Kansei North America Technical Center | 27000 Hills Tech Court | 6/18/2021 | $5,975,000 |
| Woodcreek Officenter | 31275 Northwestern Hwy | 1/4/2021 | $5,700,000 |
Coworking Spaces in Michigan
- New York City Coworking Space
- Manhattan Coworking Space
- Chicago Coworking Space
- Brooklyn Coworking Space
- Philadelphia Coworking Space
- Hudson Valley Coworking Space
- Indianapolis Coworking Space
- Columbus Coworking Space
- Cincinnati Coworking Space
- Pittsburgh Coworking Space
- Detroit Coworking Space
- Cleveland Coworking Space
- Queens Coworking Space
- Milwaukee Coworking Space
- Carmel Coworking Space
- Troy Coworking Space
- Grand Rapids Coworking Space
- Ann Arbor Coworking Space
- Birmingham Coworking Space
- Royal Oak Coworking Space
2021 Office Construction in Farmington Hills, MI
- Farmington Hills, MI Total SF completed in 2021 200,000
During 2021, 200,000 square feet of new office space were delivered across the market. At the close of 2021, the Farmington Hills office inventory included 1 buildings equal to or larger than 25,000 square feet, which comprised 200,000 square feet of office space.
| Office building | Address | SF | Completed |
|---|---|---|---|
| GreenPath | 36500 Corporate Drive, 48331 | 125,195 | 2010 |
| GreenPath | 36500 Corporate Drive, 48331 | 125,195 | 2010 |
| 37811 W 12 Mile Road | 37811 W 12 Mile Road, 48331 | 15,000 | 2008 |
| Echo Court | 34024 8 Mile Rd, 48336 | 10,000 | 2004 |
| 24381 Orchard Lake | 24381 Orchard Lake Road, 48336 | 10,000 | 2002 |
| Farmington Hills Officenter I | 27555 Executive Drive, 48331 | 182,280 | 2001 |
| Haggerty Pointe | 39300 W. 12 Mile Road, 48331 | 47,903 | 2001 |
| Century Building | 21500 Haggerty, 48167 | 49,738 | 2000 |
| Orchards Corporate Center I | 27725 Stansbury Blvd, 48334 | 108,035 | 1999 |
| Orchards Corporate Center II | 27755 Stansbury Blvd, 48334 | 108,035 | 1999 |
Worth noting among recent office completions on the Farmington Hills market is GreenPath, which is currently the largest new office development in the city, at 125,195 square feet.
See reports for other markets
- Detroit Office Rent Price
- Ann Arbor Office Rent Price
- Southfield Office Rent Price
- Troy Office Rent Price
- Grand Rapids Office Rent Price
- Lansing Office Rent Price
- Novi Office Rent Price
- Livonia Office Rent Price
- Dearborn Office Rent Price
- Auburn Hills Office Rent Price
- Birmingham Office Rent Price
- Sterling Heights Office Rent Price
- Bloomfield Hills Office Rent Price
- West Bloomfield Office Rent Price
- Northville Office Rent Price
- Atlanta Office Rent Price
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 2021 through December 31st 2021. Construction pipeline data represented herein is valid as of April 2022. 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.