2020 Office Space Rent & Sales
- $21.61 2020 Avg. Asking Rent
- 0.49% Y-o-Y Avg. Asking Rent Change
- 21.54% 2020 Office Vacancy Rate
Troy office price per square foot in 2020 was $21.61 on average. This marked a +0.49% change in office space price per square foot compared to the previous year. The local office market recorded an average vacancy rate of 21.54% across all asset classes combined.
Average Rent by Office Class
2020 Average Office Rent per Square Foot
- Troy Class A Office Space$24.04
- Troy Class B Office Space$20.49
- Troy Class C Office Space$18.76
- Michigan Class A Office Space$25.50
- Michigan Class B Office Space$20.35
- Michigan Class C Office Space$17.64
Troy, MI Office Asking Rents by Class
Average office rent in Troy rested at $21.61 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 Troy averaged $24.04 per square foot. Across all submarkets, class B office space recorded an average asking rent of $20.49 per square foot. Meanwhile, assets encompassing class C office space saw asking rents of $18.76 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 Troy, MI
- Troy, MI Total SF completed in 2020
During 2020, square feet of new office space were delivered across the market. At the close of 2020, the Troy office inventory included buildings equal to or larger than 25,000 square feet, which comprised square feet of office space.
| Office building | Address | SF | Completed |
|---|---|---|---|
| 400 West Maple Road | 400 West Maple Road, 48084 | 44,000 | 2017 |
| Troy Medical Center | 1639 East Big Beaver Road, 48083 | 38,000 | 2007 |
| Unasource Medical Campus | 4550 Investment Drive, 48098 | 139,519 | 2003 |
| 2891 East Maple Road | 2891 East Maple Road, 48083 | 25,145 | 2003 |
| Troy Concept Center - 250 Stephenson Hwy | 250 Stephenson Hwy, 48083 | 105,000 | 2002 |
| Maple Corporate Center | 1414 East Maple Road, 48083 | 285,000 | 2001 |
| Altair Engineering World Headquarters | 1820 East Big Beaver Road, 48083 | 132,900 | 2001 |
| 1152 East Long Lake Road | 1152 East Long Lake Road, 48085 | 30,404 | 2001 |
| Flagstar Bank Headquarters | 5151 Corporate Drive, 48098 | 331,412 | 2000 |
| Columbia Center II | 101 West Big Beaver Road, 48084 | 251,620 | 2000 |
Worth noting among recent office completions on the Troy market is 400 West Maple Road, which is currently the largest new office development in the city, at 44,000 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 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.