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
- 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
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
- Grand Rapids Coworking Space
- Detroit Coworking Space
- Cleveland Coworking Space
- Queens Coworking Space
- 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
| 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.
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.