What are the different types of commercial real estate?

Commercial real estate is a broad category that includes a high variety of space types designed to meet the needs of various industries of the local economy and their specialized subsectors, as presented in our real estate 101 guide to types of commercial real estate . However, there are three main categories that you are most likely to come across: office, retail, and industrial space . Modern office space is typically organized over large floor plates bound by high ceilings and large windows for an abundance of natural light and is located in transit-oriented developments with good access to multiple modes of transportation, so as to facilitate employee commute. The Novi commercial real estate market incorporates 5,810,468 square feet of office space across 91 buildings. Office buildings can also accommodate coworking spaces , which are shared office options that typically cater to the needs of small, startup businesses that require flexible workspaces, a concentration of amenities, and services that can be accessed on an occasional or short-term basis. In Novi, the coworking segment of the commercial real estate market incorporates about 7,605 square feet. Retail space includes shopping malls, department stores, street retail, or specialty stores dedicated to a narrow range of products. Such properties are typically located in high foot-traffic and/or car traffic areas, to facilitate customer access. The Novi commercial real estate market includes 3,071,097 square feet of retail space in a variety of settings. Industrial property most often serves businesses operating in manufacturing or logistics and generally consists of large open spaces located within good access to roads, railways, freight airports or regional water ports. Industrial space listings can include warehouses, manufacturing plants, distribution centers, flexible industrial space, or even data center facilities. Across the Novi market, there is a total of 3,581,381 square feet of industrial property.

What types of commercial real estate are available in Novi, MI?

The largest share of commercial real estate space for lease in Novi is represented by Office space , which accounts for 1,003,268 square feet of available listings. Industrial space available in Novi adds up to 259,395 square feet.

What factors affect the price of commercial real estate in Novi, MI?

The price of renting or buying commercial real estate is influenced by a variety of factors, including: the property type (for example, office space is priced higher than other property types in most locations); the condition and asset class rating (property rated class A or above will typically command a higher price than lower grade classifications); the quality or the development potential of the property location; whether or not there is high demand for the type of commercial asset in question; and what the state of supply is relative to demand.

What is the average rent for commercial space in Novi, MI?

The average rent for commercial real estate space listed for lease in Novi is $18.38 per square foot. However, this value does not offer enough perspective on its own, as you will find significant variation in prices across property types, property classes, and location, as well as other impacting factors. For instance, rent per square foot of office space in Novi can vary greatly depending on the rating of the property from Class A to Class C, as well as across the city depending on the location of the asset.

What are the best areas for commercial real estate in Novi, MI?

The best choice of location for commercial space depends on the factors that are most relevant to your business. A good thing to look for at the start, however, is the areas of the city that have the highest concentration of your preferred type of property, as these areas are generally well connected to the amenities and points of interest that are most relevant to each property type. As such, there are several areas that you could consider to be the best location for commercial real estate in Novi, depending on the property type you are interested in. Select your preferred property type from the search filters menu at the top of the search page and then navigate the interactive map for a better view of commercial real estate availability in the locations most suited to your needs.

How do I find a good commercial real estate broker?

Whether or not leasing commercial space is a new experience for you, there are significant benefits to working with a commercial real estate broker . In addition to saving you time and money, an experienced broker will contribute specialist knowledge of the local market , the property type you need representation for, and will handle negotiations on your behalf in your best interest. To start, it is important for you to have a good understanding of what kind of broker you need. For instance, there are differences between a tenant broker and a listing broker . Also important at the start is to have a clear idea of what kind of space (or tenant) you are looking for and what (if any) particular needs and requirements you might have. And, while it is good to get a referral, you should interview several brokers to better gauge who you feel would best represent your interests. CommercialCafe hosts listings from some of the most trusted commercial real estate brokerages in the country. Use the contact form available on each listing page or the contact details for the property representatives to reach out and start your search!

What is the most profitable commercial real estate?

The profitability of a commercial real estate investment depends on a multitude of factors working together. These factors include the quality of the asset itself — which itself includes aspects such as location, property class, amenities, and the quality of the property management — to the local market conditions, the state of the local economy, the demand for that particular type of commercial property, and of course the costs of owning and maintaining it relative to what leasing rate or sale price you get from the property. Asking rents in the city went as high as $27.5 per square foot. In particular, the property type commanding the highest lease rates in Novi was Office space. Conversely, the highest sale price last year was $5,450,000, which was paid for the Office property that is located at 27780 Novi Road. The property was built in 1986, incorporates 37,420 square feet, and is rated Class B.

What is the average size of a commercial property in Novi, MI?

The average size of a commercial property in Novi depends greatly on the property type and the location — geographical possibilities and zoning allowances have significant influence on how big developers can build. While there are outliers that break height or volume records in the city, we can look at some average sizes by property use: In Novi, the average size of an office property is 70,006 square feet. Retail properties here incorporate an average of 153,555 square feet. Industrial space in Novi is in buildings that are, on average 132,644 square feet in size.

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159 Commercial Real Estate Listings in Novi, MI

CRE Market Stats

Meadowbrook Medical Center

25500 Meadowbrook Road, Novi, MI
For Lease

$18.00/SF/YR
Property

Office

123,259 SF
Availability

4 Spaces

23,749 SF
Year Built

2006
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West Oaks II

43420-43626 West Oaks Drive, Novi, MI
For Lease

Contact for pricing
Property

Retail

191,050 SF
Availability

7 Spaces

73,594 SF
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Haggerty Corporate Office Centre V

28125 Cabot Drive, Novi, MI
For Lease

Contact for pricing
Property

Office

61,426 SF
Availability

1 Space

12,046 SF
Year Built

2004
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Haggerty Corporate Office Centre IV

28175 Cabot Drive, Novi, MI
For Lease

Contact for pricing
Property

Office

52,197 SF
Availability

2 Spaces

38,863 SF
Year Built

2004
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29065 Cabot Drive

29065 Cabot Drive, Novi, MI
For Lease

Contact for pricing
Property

Office

50,500 SF
Availability

2 Spaces

26,276 SF
Year Built

2002
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1.66-Acre Lot Novi, MI.

Haggerty Rd South of 14 MIle, Novi, MI
For Sale

$550,000
Property

VacantLand
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Cabot Technology Centre

28700 Cabot Drive, Novi, MI
For Lease

Contact for pricing
Property

Office

84,240 SF
Availability

1 Space

3,260 SF
Year Built

2000
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Crystal Glen Office Centre

39555 Orchard Hill Place, Novi, MI
For Lease

$19.00 - $22.50/SF/YR
Property

Office

241,546 SF
Availability

2 Spaces

50,056 SF
Year Built

1988
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Orchard Hill Place

39500 Orchard Hill Place, Novi, MI
For Lease

Contact for pricing
Property

Office

126,290 SF
Availability

10 Spaces

41,777 SF
Year Built

1986
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For Lease > Highly Desirable Novi, Michigan Location

40000 Grand River Avenue, Novi, MI
For Lease

Contact for pricing
Property

Industrial
Availability

1 Space

10,980 SF
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MacKenzie North Technology Centre

39500 MacKenzie Drive, Novi, MI
For Lease

Contact for pricing
Property

Office

56,327 SF
Availability

1 Space

16,535 SF
Year Built

2012
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Haggerty Corporate Office Centre III

28100 Cabot Drive, Novi, MI
For Lease

Contact for pricing
Property

Office

60,479 SF
Availability

1 Space

7,463 SF
Year Built

2001
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Novi Industrial Center

22783-22865 Heslip Drive, Novi, MI
For Lease

Contact for pricing
Property

Industrial

108,106 SF
Availability

1 Space

3,054 SF
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42450 W 12 Mile Rd

42450 W 12 Mile Rd, Novi, MI
For Lease

Contact for pricing
Property

Office

21,045 SF
Availability

5 Spaces

11,792 SF
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45237 Grand River Avenue

45237 Grand River Avenue, Novi, MI
For Lease

$7.95/SF/YR
Property

Industrial

29,196 SF
Availability

1 Space

29,196 SF
Year Built

1973
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Lake Pointe

26200 Town Center Drive, Novi, MI
For Lease

Contact for pricing
Property

Office

93,318 SF
Availability

4 Spaces

7,581 SF
Year Built

1986
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29293 Haggerty Road

29293 Haggerty Road, Novi, MI
For Lease

Contact for pricing
Property

Office

84,000 SF
Availability

1 Space

81,608 SF
Year Built

2017
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LaSalle South Technology Centre

28845 Cabot Drive, Novi, MI
For Lease

$8.00/SF/YR
Property

Office

52,278 SF
Availability

2 Spaces

31,885 SF
Year Built

2006
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39600 Lewis Drive

39600 Lewis Drive, Novi, MI
For Lease

Contact for pricing
Property

Office

304,000 SF
Availability

2 Spaces

91,872 SF
Year Built

2001
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City Electric Supply

45283 Grand River Ave., Novi, MI
For Sale

$1,050,000
Property

Industrial

5,510 SF
Year Built

1984
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44725 Grand River Avenue

44725 Grand River Avenue, Novi, MI
For Lease

$19.00 - $23.00/SF/YR
Property

Office

21,000 SF
Availability

3 Spaces

7,134 SF
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Lewis Medical Office Centre

39475 Lewis Drive, Novi, MI
For Lease

Contact for pricing
Property

Office

46,000 SF
Availability

3 Spaces

17,298 SF
Year Built

2004
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Hillside Office Center - 29409 Haggerty Road

29409 Haggerty Road, Novi, MI
For Lease

$27.50/SF/YR
Property

Office

26,000 SF
Availability

1 Space

13,785 SF
Year Built

2020
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Lacy Tool

40375 Grand River Avenue, Novi, MI
For Sale

$1,200,000
Property

Industrial

13,898 SF
Year Built

1949
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For Sublease > Medical Office Suite 102 > Novi, MI

28455 Haggerty Road, Novi, MI
For Lease

Contact for pricing
Property

Office
Availability

1 Space

6,632 SF
Year Built

2006
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Premier Medical Office Building

44000 West 12 Mile Road, Novi, MI
For Lease

$22.00/SF/YR
Property

Office

45,000 SF
Availability

3 Spaces

8,435 SF
Year Built

2006
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