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 Troy commercial real estate market incorporates 15,869,638 square feet of office space across 147 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 Troy, the coworking segment of the commercial real estate market incorporates about 5,430 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 Troy commercial real estate market includes 4,822,702 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 Troy market, there is a total of 2,344,888 square feet of industrial property.

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

The largest share of commercial real estate space for lease in Troy is represented by Office space , which accounts for 3,219,217 square feet of available listings. Retail space available in Troy adds up to 3,014,779 square feet.

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

The average rent for commercial real estate space listed for lease in Troy is $17.52 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 Troy 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’s more, each commercial property type makes its own rent market: while the average rent for office space rested at $20.14 per square foot, industrial space in Troy saw average rents of $8.84 per square foot.

What are the best areas for commercial real estate in Troy, 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 Troy, 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 $22 per square foot. In particular, the property type commanding the highest lease rates in Troy was Retail space.

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

The average size of a commercial property in Troy 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 Troy, the average size of an office property is 123,020 square feet. Retail properties here incorporate an average of 100,473 square feet. Industrial space in Troy is in buildings that are, on average 86,848 square feet in size.

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242 Commercial Real Estate Listings in Troy, MI

CRE Market Stats

Long Lake Crossing

1301 West Long Lake Road, Troy, MI
For Lease

$22.50/SF/YR
Property

Office

170,457 SF
Availability

7 Spaces

27,607 SF
Year Built

1987
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3941 Crooks Home on 1.7 Acres of Land

3941 Crooks Road, Troy, MI
For Sale

$945,000
Property

VacantLand
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For Lease > The 750 Stephenson Office Building Complete Redevelopment Underway! 141,702 SF Available January 1, 2021

750 Stephenson Highway, Troy, MI
For Lease

Contact for pricing
Property

Office
Availability

1 Space

19,897 SF
Year Built

1979
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Troy Place - 3221 West Big Beaver Road

3221 West Big Beaver Road, Troy, MI
For Lease

$18.25/SF/YR
Property

Office

157,902 SF
Availability

1 Space

61,763 SF
Year Built

1978
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1111 W Long Lake Rd

1111 W Long Lake Rd, Troy, MI
For Lease

$19.50/SF/YR
Property

Office

47,833 SF
Availability

1 Space

2,666 SF
Year Built

1989
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Maple Research Center

1650 Research Drive, Troy, MI
For Lease

$12.50/SF/YR
Property

Office

281,739 SF
Availability

1 Space

12,500 SF
Year Built

1986
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For Sale or Lease > 1225-1235 E. Big Beaver Road

1225-1235 E Big Beaver Rd, Troy, MI
For Sale

Contact for pricing
Property

Office

42,000 SF
Year Built

1986
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Sheffield Office Park IV

3310 W. Big Beaver Road, Troy, MI
For Lease

$16.50/SF/YR
Property

Office

249,565 SF
Availability

4 Spaces

34,497 SF
Year Built

1984
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Venture Plaza

3150 Livernois Road, Troy, MI
For Sale

Contact Broker
Property

Office

62,574 SF
Year Built

1986
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PNC Center

755 West Big Beaver Road, Troy, MI
For Lease

$17.50 - $22.50/SF/YR
Property

Office

535,000 SF
Availability

12 Spaces

126,248 SF
Year Built

1975
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North Troy Corporate Park - 5600

5600 New King Drive, Troy, MI
For Sale

$6,250,000
Property

Office

73,000 SF
Year Built

1981
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Columbia Center II

101 West Big Beaver Road, Troy, MI
For Lease

Contact for pricing
Property

Office

251,620 SF
Availability

5 Spaces

20,389 SF
Year Built

2000
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For Lease > Troy Corporate Center II Up To 100,000 SF Available

880 W. Long Lake Road, Troy, MI
For Lease

Contact for pricing
Property

Office
Availability

1 Space

95,963 SF
Year Built

1999
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5225 Crooks Road

5225 Crooks Road, Troy, MI
For Lease

Contact for pricing
Property

Office

55,454 SF
Availability

1 Space

56,000 SF
Year Built

1999
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City Center Retail Collection

700 - 1000 W Big Beaver Rd, Troy, MI
For Sale

Contact for pricing
Property

Other

62,364 SF
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Venture Plaza

3150 Livernois Road, Troy, MI
For Lease

$20.50/SF/YR
Property

Office

62,574 SF
Availability

5 Spaces

24,256 SF
Year Built

1986
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City Center Building

888 West Big Beaver Road, Troy, MI
For Lease

$22.00/SF/YR
Property

Office

330,000 SF
Availability

20 Spaces

62,754 SF
Year Built

1979
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Troy Place - 3001 West Big Beaver Road

3001 West Big Beaver Road, Troy, MI
For Lease

$19.25/SF/YR
Property

Office

125,000 SF
Availability

1 Space

23,993 SF
Year Built

1975
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Somerset Plaza

2880 W. Maple Road, Troy, MI
For Lease

Contact for pricing
Property

Retail

23,000 SF
Availability

2 Spaces

4,015 SF
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Breakfast Club Troy

3672 Rochester Rd, Troy, MI
For Lease

$3,883.00/MO
Property

Retail

35,000 SF
Availability

1 Space

3,500 SF
Year Built

1980
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For Lease > Maple Research Park

1650-1965 Research Drive, Troy, MI
For Lease

Contact for pricing
Property

Office
Availability

1 Space

38,868 SF
Year Built

1988
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EpiDesk
EpiDesk
Town Center Drive Suite 100, Troy, MI
Services

Virtual Office

Open Workspace

Meeting Room
Amenities

Catering

Complimentary coffee & tea

High-speed wifi

Kitchen

Lounge area

Parking

Receptionist/Secretarial services
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Willow Office Center

525 E Big Beaver Rd, Troy, MI
For Lease

Contact for pricing
Property

Office

37,301 SF
Availability

6 Spaces

18,712 SF
Year Built

2000
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550 Stephenson Hwy

550 Stephenson Hwy, Troy, MI
For Lease

$15.50/SF/YR
Property

Office

69,899 SF
Availability

4 Spaces

10,227 SF
Year Built

1975
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2328-2332 Livernois Road

2328-2332 Livernois Road, Troy, MI
For Lease

$800.00/MO
Property

Office

11,087 SF
Availability

1 Space

377 SF
Year Built

1982
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Woodcrest Office Park

560-580 Kirts Blvd, Troy, MI
For Lease

$13.50/SF/YR
Property

Office

119,000 SF
Availability

11 Spaces

56,625 SF
Year Built

1980
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