2023 Office Space Rent & Sales
- $20.47 2023 Avg. Asking Rent
- 0.37% Y-o-Y Avg. Asking Rent Change
- 43.93% 2023 Office Vacancy Rate
Southfield office price per square foot in 2023 was $20.47 on average. This marked a +0.37% change in office space price per square foot compared to the previous year. The local office market recorded an average vacancy rate of 43.93% 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
- Southfield Class A & A+ Office Space$23.59
- Southfield Class B Office Space$17.94
- Southfield Class C Office Space$17.00
- Michigan Class A & A+ Office Space$22.86
- Michigan Class B Office Space$21.46
- Michigan Class C Office Space$21.50
Southfield, MI Office Asking Rents by Class
Average office rent in Southfield rested at $20.47 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 Southfield averaged $23.59 per square foot. Across all submarkets, class B office space recorded an average asking rent of $17.94 per square foot. Meanwhile, assets encompassing class C office space saw asking rents of $17.00 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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| Office building | Address | SF | Completed |
|---|---|---|---|
| Southfield Crossing II | 25510 West 11 Mile Road, 48033 | 66,180 | 2003 |
| Southfield Crossing I | 25650 West 11 Mile Road, 48034 | 63,048 | 2000 |
| Raleigh Office Centre | 25300 Telegraph Rd, 48033 | 300,000 | 1989 |
| One Northwestern Plaza | 28411 Northwestern Hwy, 48034 | 239,455 | 1989 |
| Riverside Center | 25925 Telegraph, 48034 | 194,386 | 1989 |
| City Center Office Park | 26777 Central Park Blvd, 48076 | 153,270 | 1989 |
| 12 West Medical Center | 28625 Northwestern Highway, 48034 | 39,052 | 1988 |
| 1000 Town Center | 1000 Town Center, 48075 | 692,232 | 1987 |
| Travelers Tower II | 26533 Evergreen Road, 48076 | 423,449 | 1987 |
| Travelers Tower I | 26555 Evergreen Road, 48076 | 422,694 | 1987 |
Worth noting among recent office completions on the Southfield market is Southfield Crossing II, which is currently the largest new office development in the city, at 66,180 square feet.
See reports for other markets
- Ann Arbor Office Rent Price
- Detroit Office Rent Price
- Lansing Office Rent Price
- Troy Office Rent Price
- Grand Rapids Office Rent Price
- Farmington Hills Office Rent Price
- Livonia Office Rent Price
- Novi Office Rent Price
- East Lansing Office Rent Price
- Seattle Office Rent Price
- Houston Office Rent Price
- San Diego Office Rent Price
- Austin Office Rent Price
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- Dallas Office Rent Price
- Phoenix Office Rent Price
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 Southfield 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.