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Novi Office Rent Price & Sales Report

2021 Office Space Rent & Sales

  • $22.78 2021 Avg. Asking Rent
  • -2.04% Y-o-Y Avg. Asking Rent Change
  • 14.93% 2021 Office Vacancy Rate

Novi office price per square foot in 2021 was $22.78 on average. This marked a -2.04% change in office space price per square foot compared to the previous year. The local office market recorded an average vacancy rate of 14.93% across all asset classes combined.

Average Rent by Office Class

2021 Average Office Rent per Square Foot

  • Novi Class A & A+ Office Space$22.66
  • Novi Class B Office Space$24.22
  • Novi Class C Office Space$15.54
  • Michigan Class A & A+ Office Space$24.29
  • Michigan Class B Office Space$20.42
  • Michigan Class C Office Space$17.17

Novi, MI Office Asking Rents by Class

Average office rent in Novi rested at $22.78 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 Novi averaged $22.66 per square foot. Across all submarkets, class B office space recorded an average asking rent of $24.22 per square foot. Meanwhile, assets encompassing class C office space saw asking rents of $15.54 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
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  • 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

Coworking Spaces in Michigan

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  • Milwaukee Coworking Space
  • Ann Arbor Coworking Space
  • Troy Coworking Space
  • Birmingham Coworking Space
  • Royal Oak Coworking Space
  • Ferndale Coworking Space

2021 Office Construction in Novi, MI

Largest Office Properties Recently Completed in Novi
Office building Address SF Completed
Century II Building 21430 Haggerty, 48167 75,000 2022
Fountain Office Park 27101 Cabaret Drive, 48377 128,936 2020
Stoneridge Office Park 44050 W. 12 Mile Road, 48377 50,000 2014
MacKenzie North Technology Centre 39500 MacKenzie Drive, 48377 56,327 2012
Providence Parkway | Class A Medical Building 26850 Providence Parkway, 48374 202,515 2007
Meadowbrook Medical Center 25500 Meadowbrook Road, 48375 123,259 2006
Premier Medical Office Building 44000 West 12 Mile Road, 48377 45,000 2006
Oliver Hatcher Building 27333 Meadowbrook Road, 48377 30,000 2006
Haggerty Corporate Office Centre V 28125 Cabot Drive, 48377 61,426 2004
Haggerty Corporate Office Centre IV 28175 Cabot Drive, 48377 52,197 2004

Worth noting among recent office completions on the Novi market is Century II Building, which is currently the largest new office development in the city, at 75,000 square feet.

Data provided by Commercial Edge

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
  • Farmington Hills Office Rent Price
  • Livonia Office Rent Price
  • Dearborn Office Rent Price
  • Auburn Hills Office Rent Price
  • Sterling Heights Office Rent Price
  • West Bloomfield Office Rent Price
  • Northville Office Rent Price
  • San Francisco Office Rent Price
  • San Antonio Office Rent Price
  • Denver 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 Novi 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.

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