Troy Office Market Trends

Office Rental Market

  • $21.51 2019 Avg. Asking Rent
  • 20.74 % 2019 Avg. Vacancy Rate
  • 0 2019 Office Completions (Sqft)
  • 0 2020 Estimated Pipeline (Sqft)
In 2019, the average asking rent for office space in Troy was $21.51 per square foot, and the office vacancy rate across the market averaged 20.74 %. During 2019, developers added 0 square feet of new office space to the Troy market inventory. Office developments estimated for delivery during 2020 total 0 square feet.

Average Office Asking Rents by Class

2019 Average Office Rent per Square Foot

  • Troy Class A Office Buildings$25.24
  • Troy Class B Office Buildings$19.70
  • Troy Class C Office Buildings$18.62
  • MI Class A Office Buildings$25.15
  • MI Class B Office Buildings$20.81
  • MI Class C Office Buildings$17.05

Troy, MI Office Asking Rents by Class

Office asking rents vary across the Troy office market depending on several factors, one of which is property class. While rents for Class A office buildings in Troy averaged $25.24 per square foot in 2019, Class B office properties garnered average rental rates of $19.70 per square foot. Rental rates for Class C office property in Troy averaged $18.62 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 Troy, MI

  • Troy, MI Total Sqft completed in 2019 0
  • Troy, MI Total Sqft under construction in 2020 0
10 Largest Office Buildings in Troy
Building name Address Total Sqft Year built
PNC Center 755 West Big Beaver Road, 48084 535,000 1975
Delphi World Headquarters 5725 Delphi Drive, 48098 512,000 1995
Bank of America Building 2600 West Big Beaver Road, 48084 475,152 1988
Troy Technology Park 1835 Technology Drive, 48083 425,777 1985
Wilshire Plaza West & North 1050 Wilshire Drive, 48084 349,625 1985
Flagstar Bank Headquarters 5151 Corporate Drive, 48098 331,412 2000
City Center Building 888 West Big Beaver Road, 48084 330,000 1979
Centennial Corporate Centre 100 East Big Beaver Road, 48083 306,720 1981
Liberty Center 50 West Big Beaver Road, 48084 298,813 1987
PentaCentre - Buildings D & E 2800 Livernois Road, 48083 285,593 1987
Largest Office Properties Recently Completed in Troy
Office building Address Sqft 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
Data provided by Commercial Edge

Office Spaces for Rent in Michigan

TROY OFFICE SALES TRENDS

  • $115.232019 Avg. Price per Sqft
  • -12.35 %Y-o-Y Avg. PpSF Change
  • $56.3M2019 Office Sales Volume
  • 62019 Number of Transactions

In 2019, office sales in Troy averaged $115.23 per square foot. This marked a -12.35 % decrease in office price per square foot, compared to the previous year. A total of 6 office sales closed on the Troy office market in 2019, amounting to a total sales volume of $56.3M.

Average Office Sale Price per Sqft

Troy, MI Sales Trends

  • Troy Price per Sqft$115.23
  • Michigan Price per Sqft$124.04

Office Sales - Trend and Volume

  • Troy, MI Total Office Sales Volume in 2019 $56.3M
  • Troy, MI Total Number of Office Sales Closed in 2019 6

Largest Troy Office Sales in 2019

Property name Address Date Price
5250 Corporate Drive 5250 Corporate Drive 8/15/2019 $12,920,000
Troy Tower 901 Tower Drive 12/20/2019 $9,943,000
Robbins Executive Park West - 750 Stephenson Hwy 750 Stephenson Hwy 2/12/2019 $9,519,000
Northfield Office Park - Northfield Plaza II 5700 Crooks Road 6/25/2019 $6,161,892
5755 New King Drive 5755 New King Drive 8/12/2019 $6,131,250
Data provided by Commercial Edge

The Troy office market contains an inventory of 15,937,610 square feet of office space, in 159 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 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.