2020 Office Space Rent & Sales
- $23.25 2020 Avg. Asking Rent
- -4.52 % Y-o-Y Avg. Asking Rent Change
- 14.25 % 2020 Office Vacancy Rate
Novi office price per square foot in 2020 was $23.25 on average. This marked a -4.52 % change in office space price per square foot compared to the previous year. The local office market recorded an average vacancy rate of 14.25 % across all asset classes combined.
Average Rent by Office Class
2020 Average Office Rent per Square Foot
- Novi Class A Office Space$26.78
- Novi Class B Office Space$23.69
- Novi Class C Office Space$14.35
- Michigan Class A Office Space$25.50
- Michigan Class B Office Space$20.35
- Michigan Class C Office Space$17.64
Novi, MI Office Asking Rents by Class
Average office rent in Novi rested at $23.25 per square foot in 2020. 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 $26.78 per square foot. Across all submarkets, class B office space recorded an average asking rent of $23.69 per square foot. Meanwhile, assets encompassing class C office space saw asking rents of $14.35 per square foot, on average. Comparably, statewide Michigan average office rents by class in 2020 were: $25.50 per square foot for class A office space; $20.35 per square foot for class B office space; $17.64 per square foot for class C office space.
2020 Office Construction in Novi, MI
- Novi, MI Total Sqft completed in 2020 269,869
During 2020, 269,869 square feet of new office space were delivered across the market. At the close of 2020, the Novi office inventory included 5 buildings equal to or larger than 25,000 square feet, which comprised 269,869 square feet of office space.
|Fountain Office Park||27101 Cabaret Drive, 48377||128,936||2020|
|Adams North Technology Centre||39700 MacKenzie Drive, 48377||56,429||2020|
|SimCenter||25540 Seeley Road, 48375||49,722||2020|
|25150 Regency Drive||25150 Regency Drive, 48375||34,782||2020|
|Hino Motors Headquarters||45501 12 Mile Road, 48377||124,418||2018|
|30100 Cabot Drive||30100 Cabot Drive, 48377||100,649||2017|
|29293 Haggerty Road||29293 Haggerty Road, 48377||84,000||2017|
|30020 Cabot Drive||30020 Cabot Drive, 48377||180,000||2016|
|25125 Regency Drive||25125 Regency Drive, 48375||34,285||2016|
|Harman Becker Headquarters||30001 Cabot Drive, 48377||188,042||2015|
Worth noting among recent office completions on the Novi market is Fountain Office Park, which is currently the largest new office development in the city, at 128,936 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 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.