2023 Office Space Rent & Sales
- $21.98 2023 Avg. Asking Rent
- 2.42% Y-o-Y Avg. Asking Rent Change
- 23.58% 2023 Office Vacancy Rate
Farmington Hills office price per square foot in 2023 was $21.98 on average. This marked a +2.42% change in office space price per square foot compared to the previous year. The local office market recorded an average vacancy rate of 23.58% across all asset classes combined.
See how this market compares to the national average: U.S. office space rent & sales.
Average Rent by Office Class
2023 Average Office Rent per Square Foot
- Farmington Hills Class A & A+ Office Space$22.56
- Farmington Hills Class B Office Space$21.80
- Farmington Hills Class C Office Space$17.60
- Michigan Class A & A+ Office Space$22.86
- Michigan Class B Office Space$21.46
- Michigan Class C Office Space$21.50
Farmington Hills, MI Office Asking Rents by Class
Average office rent in Farmington Hills rested at $21.98 per square foot in 2023. 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 Farmington Hills averaged $22.56 per square foot. Across all submarkets, class B office space recorded an average asking rent of $21.80 per square foot. Meanwhile, assets encompassing class C office space saw asking rents of $17.60 per square foot, on average. Comparably, statewide Michigan average office rents by class in 2023 were: $22.86 per square foot for class A office space; $21.46 per square foot for class B office space; $21.50 per square foot for class C office space.
Office Spaces for Rent in Michigan
Coworking Spaces in Michigan
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2023 Office Construction in Farmington Hills, MI
| Office building | Address | SF | Completed |
|---|---|---|---|
| GreenPath | 36500 Corporate Drive, 48331 | 125,195 | 2010 |
| GreenPath | 36500 Corporate Drive, 48331 | 125,195 | 2010 |
| Orchards Executive Park | 22670 Haggerty Road, 48335 | 72,680 | 2002 |
| Farmington Hills Officenter I | 27555 Executive Drive, 48331 | 182,280 | 2001 |
| Fairways Office Center | 28470 West 13 Mile Road, 48334 | 35,426 | 2001 |
| Brookfield Center | 38275 W 12 Mile Rd, 48331 | 35,365 | 2001 |
| Orchards Corporate Center II | 27755 Stansbury Blvd, 48334 | 108,035 | 1999 |
| Orchards Corporate Center I | 27725 Stansbury Blvd, 48334 | 108,035 | 1999 |
| 27500 Drake Road | 27500 Drake Road, 48331 | 160,830 | 1998 |
| Country Club Office Centre | 39395 West 12 Mile Road, 48331 | 44,033 | 1997 |
Worth noting among recent office completions on the Farmington Hills market is GreenPath, which is currently the largest new office development in the city, at 125,195 square feet.
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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 2023 through December 31st 2023. Construction pipeline data represented herein is valid as of April 2024. The information on this page was compiled using data provided by CommercialEdge, a market intelligence solution which offers comprehensive real market knowledge on all Farmington Hills 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.