2024 Office Space Rent & Sales
- $21.53 2024 Avg. Asking Rent
- 25.18% 2024 Office Vacancy Rate
Troy office price per square foot in 2024 was $21.53 on average. The local office market recorded an average vacancy rate of 25.18% across all asset classes combined.
See how this market compares to the national average: U.S. office space rent & sales.
Average Rent by Office Class
2024 Average Office Rent per Square Foot
- Troy Class A & A+ Office Space$26.69
- Troy Class B Office Space$20.96
- Troy Class C Office Space$16.43
- Michigan Class A & A+ Office Space$23.20
- Michigan Class B Office Space$21.30
- Michigan Class C Office Space$15.30
Troy, MI Office Asking Rents by Class
Average office rent in Troy rested at $21.53 per square foot in 2024. 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 Troy averaged $26.69 per square foot. Across all submarkets, class B office space recorded an average asking rent of $20.96 per square foot. Meanwhile, assets encompassing class C office space saw asking rents of $16.43 per square foot, on average. Comparably, statewide Michigan average office rents by class in 2024 were: $23.20 per square foot for class A office space; $21.30 per square foot for class B office space; $15.30 per square foot for class C office space.
Office Spaces for Rent in Michigan
Coworking Spaces in Michigan
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| Office building | Address | SF | Completed |
|---|---|---|---|
| 6475 Rochester Road | 6475 Rochester Rd, 48085 | 11,606 | 2008 |
| 6475 Rochester Road | 6475 Rochester Rd, 48085 | 11,606 | 2008 |
| Troy Medical Center | 1639 East Big Beaver Road, 48083 | 38,000 | 2007 |
| Columbia Center II | 101 West Big Beaver Road, 48084 | 251,620 | 2000 |
| 1441 West Long Lake Road | 1441 West Long Lake Road, 48098 | 106,772 | 2000 |
| 2600 Bellingham Road | 2600 Bellingham Road, 48083 | 45,943 | 2000 |
| Willow Office Center | 525 E Big Beaver Rd, 48083 | 37,301 | 2000 |
| 1919 Birchwood Avenue | 1919 Birchwood Avenue, 48083 | 9,800 | 1996 |
| 1919 Birchwood Avenue | 1919 Birchwood Avenue, 48083 | 9,800 | 1996 |
| King Office Plaza | 4893-4897 Rochester Rd, 48085 | 10,836 | 1992 |
Worth noting among recent office completions on the Troy market is 6475 Rochester Road, which is currently the largest new office development in the city, at 11,606 square feet.
See reports for other markets
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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 2024 through December 31st 2024. Construction pipeline data represented herein is valid as of February 2025. The information on this page was compiled using data provided by CommercialEdge, a market intelligence solution which offers comprehensive real market knowledge on all Troy 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.