Troy Office Rent Price & Sales Report

2023 Office Space Rent & Sales

  • $19.87 2023 Avg. Asking Rent
  • -1.34% Y-o-Y Avg. Asking Rent Change
  • 25.56% 2023 Office Vacancy Rate
  • $11.4M2023 Total Office Sales
  • $86.15Avg. Sale Price/SF

Troy office price per square foot in 2023 was $19.87 on average. This marked a -1.34% change in office space price per square foot compared to the previous year. The local office market recorded an average vacancy rate of 25.56% across all asset classes combined. The 3 transactions that closed here throughout 2023 amounted to a total sale volume of $11.4M. Troy office space commanded an average sale price per square foot of $86.15.

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

  • Troy Class A & A+ Office Space$16.74
  • Troy Class B Office Space$21.00
  • Troy Class C Office Space$18.87
  • Michigan Class A & A+ Office Space$22.86
  • Michigan Class B Office Space$21.46
  • Michigan Class C Office Space$21.50

Troy, MI Office Asking Rents by Class

Average office rent in Troy rested at $19.87 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 Troy averaged $16.74 per square foot. Across all submarkets, class B office space recorded an average asking rent of $21.00 per square foot. Meanwhile, assets encompassing class C office space saw asking rents of $18.87 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

Troy Office Sale Price per SF

  • $86.152023 Avg. Price per SF
  • -11.46%Y-o-Y Avg. PpSF Change
  • $11.4M2023 Office Sales Volume
  • 32023 Number of Transactions

Troy, MI Sale Price per SF Trend

  • Troy Avg. Sale Price per SF in 2023$86.15
  • Michigan Avg. Sale Price per SF in 2023$160.31
Troy office space cost in 2023 marked a -11.46% change compared to the previous year. The sale price for office space in Troy averaged $86.15 per square foot in 2023, across all market subdivisions and asset classes. Conversely, the statewide Michigan average office sale price during the same time period was $160.31 per square foot.

2023 Office Sales Volume

  • Troy, MI Total Office Sales Volume in 2023 $11.4M
  • Troy, MI Total Number of Office Sales Closed in 2023 3
A total of 3 deals closed on the Troy office market in 2023, adding up to a yearly sales volume of $11.4M. Notably, the largest transaction on the market saw MS Plaza change hands for $3,750,000 on 11/20/2023.
Data provided by Commercial Edge

Coworking Spaces in Michigan

2023 Office Construction in Troy, MI

Largest Office Properties Recently Completed in Troy
Office building Address SF Completed
966 Livernois Rd 966 Livernois, 48083 11,270 2012
6475 Rochester Rd 6475 Rochester Rd, 48085 11,606 2008
6475 Rochester Rd 6475 Rochester Rd, 48085 11,606 2008
Troy Medical Center 1639 East Big Beaver Road, 48083 38,000 2007
Century Office Plaza 400 E Big Beaver Rd, 48083 12,680 2005
1869 E Maple Rd 1869 E Maple Rd, 48083 9,936 2001
Columbia Center II 101 West Big Beaver Road, 48084 251,620 2000
1441 West Long Lake Road 1441 West Long Lake Road, 48098 106,772 2000
2600 Bellingham Road 2600 Bellingham Road, 48083 45,943 2000
Willow Office Center 525 E Big Beaver Rd, 48083 37,301 2000

Worth noting among recent office completions on the Troy market is 966 Livernois Rd, which is currently the largest new office development in the city, at 11,270 square feet.

Data provided by Commercial Edge

See reports for other markets

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 Troy 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.