2023 Office Space Rent & Sales
- $29.41 2023 Avg. Asking Rent
- -1.10% Y-o-Y Avg. Asking Rent Change
- 20.23% 2023 Office Vacancy Rate
Novi office price per square foot in 2023 was $29.41 on average. This marked a -1.10% change in office space price per square foot compared to the previous year. The local office market recorded an average vacancy rate of 20.23% 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
- Michigan Class A & A+ Office Space$22.86
- Michigan Class B Office Space$21.46
- Michigan Class C Office Space$21.50
Novi, MI Office Asking Rents by Class
Office Spaces for Rent in Michigan
Coworking Spaces in Michigan
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2023 Office Construction in Novi, MI
| Office building | Address | SF | Completed |
|---|---|---|---|
| Novi Orthopaedic Center | 26750 Providence Parkway, 48374 | 65,175 | 2008 |
| Meadowbrook Medical Center | 25500 Meadowbrook Road, 48375 | 123,259 | 2006 |
| LaSalle South Technology Centre | 28845 Cabot Drive, 48377 | 52,278 | 2006 |
| Premier Medical Office Building | 44000 West 12 Mile Road, 48377 | 45,000 | 2006 |
| Oliver Hatcher Building | 27333 Meadowbrook Road, 48377 | 30,000 | 2006 |
| Novi Office Center | 39475 West 13 Mile Road, 48377 | 38,973 | 2005 |
| Haggerty Corporate Office Centre IV | 28175 Cabot Drive, 48377 | 52,197 | 2004 |
| Lewis Medical Office Centre | 39475 Lewis Drive, 48377 | 46,000 | 2004 |
| Lewis Technology Center | 39625 Lewis Drive, 48377 | 108,568 | 2003 |
| 29065 Cabot Drive | 29065 Cabot Drive, 48377 | 50,500 | 2002 |
Worth noting among recent office completions on the Novi market is Novi Orthopaedic Center, which is currently the largest new office development in the city, at 65,175 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 Novi 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.