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 Southfield commercial real estate market incorporates 23,425,010 square feet of office space across 171 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 Southfield, the coworking segment of the commercial real estate market incorporates about 2,715 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 Southfield commercial real estate market includes 1,924,492 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 Southfield market, there is a total of 2,621,073 square feet of industrial property.

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

The largest share of commercial real estate space for lease in Southfield is represented by Office space , which accounts for 6,812,076 square feet of available listings. Industrial space available in Southfield adds up to 530,196 square feet.

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

The average rent for commercial real estate space listed for lease in Southfield is $17.34 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 Southfield 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 $20.39 per square foot, industrial space in Southfield saw average rents of $9.44 per square foot.

What are the best areas for commercial real estate in Southfield, 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 Southfield, 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 $21.5 per square foot. In particular, the property type commanding the highest lease rates in Southfield was Office space. Conversely, the highest sale price last year was $17,200,000 that is located at 27400 Northwestern Hwy.

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

The average size of a commercial property in Southfield 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 Southfield, the average size of an office property is 143,712 square feet. Retail properties here incorporate an average of 60,140 square feet. Industrial space in Southfield is in buildings that are, on average 113,960 square feet in size.

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231 Commercial Real Estate Listings in Southfield, MI

CRE Market Stats

Hays Market Plaza

22506-22554 Telegraph Rd, Southfield, MI
For Lease

$15.00/SF/YR
Property

Retail

19,800 SF
Availability

1 Space

6,000 SF
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24061 - 24063 W. 10 Mile Road

24061 - 24063 W. 10 Mile Road, Southfield, MI
For Lease

$3,000.00/MO
Property

Retail

5,767 SF
Availability

1 Space

1,915 SF
Year Built

1968
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Advance Office Building

23077 Greenfield Road, Southfield, MI
For Lease

$14.00 - $39.05/SF/YR
Property

Office

288,000 SF
Availability

17 Spaces

99,717 SF
Year Built

1969
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Northtown Building

24567 Northwestern Hwy, Southfield, MI
For Sale

$1,800,000
Property

Office

49,114 SF
Year Built

1968
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The Courtyard Office Park

28200-28336 Franklin Road, Southfield, MI
For Lease

$18.00/SF/YR
Property

Office

55,790 SF
Availability

4 Spaces

13,769 SF
Year Built

1984
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12 West Medical Center

28625 Northwestern Highway, Southfield, MI
For Lease

$21.50/SF/YR
Property

Office

39,052 SF
Availability

4 Spaces

34,591 SF
Year Built

1988
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Twelve Center

17220 Twelve Mile Rd, Southfield, MI
For Lease

$12.50/SF/YR
Property

Office

14,889 SF
Availability

5 Spaces

9,081 SF
Year Built

1971
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One West 11

27100 W Eleven Mile Road, Southfield, MI
For Sale

$9,418,340
Property

Office

110,804 SF
Year Built

1984
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The Century

25800 Northwestern Hwy, Southfield, MI
For Lease

Contact for pricing
Property

Office

251,107 SF
Availability

15 Spaces

222,031 SF
Year Built

1985
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Evergreen Plaza - Grocery Anchored

19715-19961 W. 12 Mile Rd, Southfield, MI
For Lease

Contact for pricing
Property

Retail

111,545 SF
Availability

5 Spaces

20,040 SF
Year Built

1975
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Former Bank Branch

27100 Lahser Road, Southfield, MI
For Lease

Contact for pricing
Property

Retail

4,800 SF
Availability

1 Space

4,800 SF
Year Built

1965
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Southfield Plaza

29706 Southfield Road, Southfield, MI
For Lease

$8.00 - $16.00/SF/YR
Property

Retail

190,099 SF
Availability

6 Spaces

51,711 SF
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West 11 Corporate Campus

27000 W Eleven Mile Road, Southfield, MI
For Sale

$47.50-$85 PSF
Property

Office

734,807 SF
Year Built

1985
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25843-25877 Lahser Road

25843-25877 Lahser Road, Southfield, MI
For Lease

Contact for pricing
Property

Retail

17,037 SF
Availability

3 Spaces

5,436 SF
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Sherwood Square

26015-26255 Greenfield Road, Southfield, MI
For Lease

Contact for pricing
Property

Retail

86,000 SF
Availability

2 Spaces

3,002 SF
Year Built

1990
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Omni Officentre

26877 & 26899 Northwestern Hwy, Southfield, MI
For Lease

$16.95 - $17.95/SF/YR
Property

Office

235,127 SF
Availability

2 Spaces

235,127 SF
Year Built

1980
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Franklin Pointe Medical Center

26400 West 12 Mile Road, Southfield, MI
For Lease

$17.00/SF/YR
Property

Office

84,749 SF
Availability

9 Spaces

21,482 SF
Year Built

1976
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Three West 11

27300 W Eleven Mile Road, Southfield, MI
For Sale

$13,624,565
Property

Office

160,289 SF
Year Built

1987
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29355 Northwestern

29355 Northwestern Highway, Southfield, MI
For Lease

Contact for pricing
Property

Office

48,983 SF
Availability

5 Spaces

9,432 SF
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26711 Northwestern Highway

26711 Northwestern Highway, Southfield, MI
For Sale

$9,300,000
Property

Office

137,476 SF
Year Built

1969
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Southfield Commons

29201-29307 Southfield Rd, Southfield, MI
For Lease

Contact for pricing
Property

Retail

61,320 SF
Availability

4 Spaces

19,000 SF
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21260 W. 8 Mile Road

21260 W. 8 Mile Road, Southfield, MI
For Lease

$15,000.00/MO
Property

Industrial

13,200 SF
Availability

1 Space

13,200 SF
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24400 Northwestern Hwy

24400 Northwestern Hwy, Southfield, MI
For Lease

$11.00/SF/YR
Property

Office

26,010 SF
Availability

1 Space

23,765 SF
Year Built

1970
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Southfield, MI - Onyx Office Plaza
Regus
29777 Telegraph Rd #4200, Southfield, MI
Services

Virtual Office

Open Workspace

Private Office

Dedicated Desk
Amenities

24/7 security

Access to global network

Bike storage

Business lounge

Catering

Cleaning services

Complimentary coffee & tea

Free water

High-speed internet

High-speed wifi
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15556-15560 W. 12 Mile Road

15556-15560 W. 12 Mile Road, Southfield, MI
For Lease

$2,500.00/MO
Property

Retail

3,500 SF
Availability

1 Space

1,150 SF
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Three West 11

27300 W Eleven Mile Road, Southfield, MI
For Lease

$16.95 - $17.95/SF/YR
Property

Office

160,289 SF
Availability

1 Space

160,289 SF
Year Built

1987
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