Novi Office Rent Price & Sales Report

Highlights

  • The average rent for office space in Novi is $18.20 per square foot, 25.90% lower compared to the previous year.
  • The market’s vacancy rate stands at 13.91%, lower than the state average of Michigan, which is 22.02%.
  • 63,558 square feet is currently under construction.

2025 Office Space Rent & Sales

  • $18.20 2025 Avg. Asking Rent
  • -25.90% Y-o-Y Avg. Asking Rent Change
  • 13.91% 2025 Office Vacancy Rate
  • $31.9M2025 Total Office Sales
  • $182.79Avg. Sale Price/SF

What is the average asking rent price for office space in Novi?

Average asking rents for office space here stand at $18.20 per square foot. The local office market recorded an average vacancy rate of 13.91% in 2025, unchanged from 13.91% in 2024.

Office transactions in the local market in 2025 totaled a sales volume of $31.9M across 5 sales. These transactions commanded an average sale price per square foot of $182.79.

Novi, MI Office Asking Rents by Class

What is the average office rent per square foot by property class in Novi?

  • Avg. Asking Rent Class A & A+$21.94
  • Avg. Asking Rent Class B$16.39

What is the average office rent per square foot by property class in MI?

  • Avg. Asking Rent Class A & A+$22.82
  • Avg. Asking Rent Class B$21.47
  • Avg. Asking Rent Class C$15.43

For comparison, the average rent for Class A and A+ office space in Michigan was $22.82 per square foot. The state-wide average for Class B space was $21.47 per square foot, and Class C office spaces averaged $15.43 per square foot.

Explore Top Office Markets in Michigan

2025 Office Sales Volume

  • $182.792025 Avg. Price per SF
  • -16.70%Y-o-Y Avg. PpSF Change
  • $31.9M2025 Office Sales Volume
  • 52025 Number of Transactions

What is the average sale price per square foot for office space in Novi?

Average sale prices for office space in this market recorded a -16.70% change in 2025 compared to the previous year.
Office transactions recorded in the market in 2025 averaged $182.79 per square foot. For comparison, the statewide Michigan average during the same time period stood at $113.58 per square foot, while the national average was $182.48 per square foot.

Novi, MI Sale Price per SF Trend

  • Novi Avg. Sale Price per SF in 2025$182.79
  • Michigan Avg. Sale Price per SF in 2025$113.58

What was the total office sales volume in Novi in 2025?

The local office market recorded 5 deals in 2025, adding up to a yearly sales volume of $31.9M.

  • Novi, MI Total Office Sales Volume in 2025 $31.9M
  • Novi, MI Total Number of Office Sales Closed in 2025 5
Data provided by Yardi Research

Office Construction in Novi, MI

  • Novi, MI Total SF under construction in 2026 63,558

What are the largest recent office completions in Novi?

The largest recent office completion here is 39600 Lewis Drive at 304,000 square feet, completed in 2001. The next largest completions are Meadowbrook Medical Center and Lewis Technology Center.

Office building Address SF Completed
Adams South Technology Centre 39675 MacKenzie Drive, 48377 56,820 2013
41050 West 11 Mile Road 41050 West 11 Mile Road, 48375 30,500 2007
Meadowbrook Medical Center 25500 Meadowbrook Road, 48375 123,259 2006
Oliver Hatcher Building 27333 Meadowbrook Road, 48377 30,000 2006
Novi Office Center 39475 West 13 Mile Road, 48377 38,973 2005
Haggerty Corporate Office Centre IV 28175 Cabot Drive, 48377 52,197 2004
Lewis Medical Office Centre 39475 Lewis Drive, 48377 46,000 2004
Cabot South Technology Center 28550 Cabot Drive, 48377 37,948 2004
Lewis Technology Center 39625 Lewis Drive, 48377 108,568 2003
39600 Lewis Drive 39600 Lewis Drive, 48377 304,000 2001
Data provided by Yardi Research

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Disclaimer

All information on this page is based on city-level data that includes properties equal to or larger than 25,000 square feet.
Averages were calculated based on values dated between January 1st and December 31st 2025. Construction pipeline data represented herein is valid as of January 2026.

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 Yardi Research Data can guarantee that the information provided is complete.