2024 Office Space Rent & Sales
- $24.57 2024 Avg. Asking Rent
- 15.57% 2024 Office Vacancy Rate
Novi office price per square foot in 2024 was $24.57 on average. The local office market recorded an average vacancy rate of 15.57% 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
2024 Average Office Rent per Square Foot
- Novi Class A & A+ Office Space$28.00
- Novi Class B Office Space$19.28
- Novi Class C Office Space$12.00
- Michigan Class A & A+ Office Space$23.20
- Michigan Class B Office Space$21.30
- Michigan Class C Office Space$15.30
Novi, MI Office Asking Rents by Class
Average office rent in Novi rested at $24.57 per square foot in 2024. 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 Novi averaged $28.00 per square foot. Across all submarkets, class B office space recorded an average asking rent of $19.28 per square foot. Meanwhile, assets encompassing class C office space saw asking rents of $12.00 per square foot, on average. Comparably, statewide Michigan average office rents by class in 2024 were: $23.20 per square foot for class A office space; $21.30 per square foot for class B office space; $15.30 per square foot for class C office space.
Office Spaces for Rent in Michigan
Coworking Spaces in Michigan
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2024 Office Construction in Novi, MI
| Office building | Address | SF | Completed |
|---|---|---|---|
| MacKenzie North Technology Centre | 39500 MacKenzie Drive, 48377 | 56,327 | 2012 |
| 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 |
| 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 MacKenzie North Technology Centre, which is currently the largest new office development in the city, at 56,327 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 2024 through December 31st 2024. Construction pipeline data represented herein is valid as of February 2025. 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.