Novi Office Market Trends

Office Rental Market

  • $24.35 2019 Avg. Asking Rent
  • 10.59 % 2019 Avg. Vacancy Rate
  • 0 2019 Office Completions (Sqft)
  • 269,869 2020 Estimated Pipeline (Sqft)
In 2019, the average asking rent for office space in Novi was $24.35 per square foot, and the office vacancy rate across the market averaged 10.59 %. During 2019, developers added 0 square feet of new office space to the Novi market inventory. Office developments estimated for delivery during 2020 total 269,869 square feet.

Average Office Asking Rents by Class

2019 Average Office Rent per Square Foot

  • Novi Class A Office Buildings$25.88
  • Novi Class B Office Buildings$24.84
  • Novi Class C Office Buildings$15.55
  • MI Class A Office Buildings$25.15
  • MI Class B Office Buildings$20.81
  • MI Class C Office Buildings$17.05

Novi, MI Office Asking Rents by Class

Office asking rents vary across the Novi office market depending on several factors, one of which is property class. While rents for Class A office buildings in Novi averaged $25.88 per square foot in 2019, Class B office properties garnered average rental rates of $24.84 per square foot. Rental rates for Class C office property in Novi averaged $15.55 per square foot. On a statewide level, Class B office space rents averaged $20.81 per square foot, while rents for Class A office space across Michigan averaged $25.15 per square foot. On average, Class C office properties in Michigan commanded rents of $17.05 per square foot.

OFFICE CONSTRUCTION IN Novi, MI

  • Novi, MI Total Sqft completed in 2019 0
  • Novi, MI Total Sqft under construction in 2020 269,869
10 Largest Office Buildings in Novi
Building name Address Total Sqft Year built
39600 Lewis Drive 39600 Lewis Drive, 48377 304,000 2001
Crystal Glen Office Centre 39555 Orchard Hill Place, 48375 241,546 1988
26850 Providence Pkwy 26850 Providence Pkwy, 48374 202,515 2007
Harman Becker Headquarters 30001 Cabot Drive, 48377 188,042 2015
27175 Energy Way 27175 Energy Way, 48377 188,000 2008
30020 Cabot Drive 30020 Cabot Drive, 48377 180,000 2016
Atrium of Novi 43155 Main Street, 48375 151,000 1998
Haggerty Corridor Corporate Park - 39550 West 13 Mile Road 39550 West 13 Mile Road, 48377 149,850 2007
43043 West 9 Mile Road 43043 West 9 Mile Road, 48375 135,500 1968
Columbus Corporate Office Centre - Henry Ford Medical Center 39450 West 12 Mile Road, 48377 130,768 2005
Largest Office Properties Recently Completed in Novi
Office building Address Sqft Completed
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
30100 Cabot Drive - Expansion 30100 Cabot Drive, 48377 24,100 2020
Hino Motors Headquarters 45501 12 Mile Road, 48377 124,418 2018
29293 Haggerty Road 29293 Haggerty Road, 48377 84,000 2017
30100 Cabot Drive 30100 Cabot Drive, 48377 76,549 2017
30020 Cabot Drive 30020 Cabot Drive, 48377 180,000 2016
25125 Regency Drive 25125 Regency Drive, 48375 34,285 2016
Data provided by Commercial Edge

Office Spaces for Rent in Michigan

The Novi office market contains an inventory of 5,537,619 square feet of office space, in 89 buildings that are equal to or larger than 25,000 square feet.

This market trends report is based on analysis of city-level data. Averages were calculated based on values dated January 1st 2019 through December 31st 2019. Construction pipeline data shown is valid as of April 2020. The information on this page was compiled using data provided by our sister company, CommercialEdge – a market intelligence solution which offers comprehensive 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.