As the business industry slowly gets back on track after the pandemic, there’s a surge in demand for an office space for lease in Detroit for both new and existing businesses in the area. Now, if you’re one of those looking for a new office for your business, the cost will likely be one of the first things you’re going to look into before you decide on the best office space for you. But how much does an office space for lease in Detroit cost, and which factors do you need to consider?
The cost of an office space in Detroit
According to research, the average cost of an office space for lease in Detroit is $21 per square foot in 2022. However, this rate will vary depending on several factors, so it’s essential to know exactly what you need so that it’s easier to decide on an office space that will fit your budget.
Factors that affect the price of an office space in Detroit
With the bustling business scene in Detroit, you can expect that you will be in for a long and sometimes daunting process when finding the right office space for lease in Detroit. Here are a few factors that you need to consider and will also affect the rate of the office space that you’d want to rent for your business:
- Searching for an office space for lease in Detroit is just like looking for a house: location is key. If you’re looking to open an office in the middle of the business district, you can expect to pay more for rent since rates are higher in areas where there’s a lot of foot traffic and those near amenity areas. But if you still can’t afford to be in this part of the city, you can always go for an office space that’s still accessible to your customers and employees but won’t charge you as much per square footage.
- When there’s a massive demand for an office space for lease in Detroit in a particular building or neighborhood, you can expect landlords to charge a lot higher since they know some people are willing to pay for their space. These Grade-A establishments also have very limited availability, which increases their rates more. However, Grade B and C buildings are older and don’t have a lot of demand, which is why they charge lower to attract potential tenants.
- Of course, the more amenities a building offers, the higher the rates will be. For instance, if the office space has amenities like a modern elevator, some restaurants near the area, a gym, and other conveniences tenants can enjoy, you can expect to pay more for these services.
At the end of the day, choosing the right office space for lease in Detroit will depend on your exact needs, where you’re at with your business, and of course, how much you can afford to pay. Remember that you don’t need to have a huge office if you’re just starting out, and you can always grow as your business also grows in the future. Get in touch with Levi Smith at PA Commercial, LLC, to know your options.