Commercial Real Estate Market in Novi, MI
Updated monthly: sale, lease, property records, location trend, and more… · Last update: October 31
112 active listings and 1,146 off-market properties in Novi, MI. Commercial property asks $130/SF to buy and $18.00/SF/Yr to lease.
Market Trends
Novi, MI spans 27.1 square miles in Oakland County, Michigan. Figures below refresh monthly; last updated 31 October 2026.
Office
Office space in Novi, MI has a median asking sale price of $160/SF (based on 3 listings). Vacancy runs 21.3% across the Midwest region in 2025, up from 13.7% in 2019.
Retail
Retail vacancy in Novi, MI runs 6.3% across the Midwest region in 2025, down from 8% in 2020.
Industrial
Industrial vacancy in Novi, MI runs 4.9% across the Midwest region in 2025, up from 4.4% in 2019. Nearly 1.6x the 2022 low of 3.1%.
Multifamily
Multifamily vacancy in Novi, MI runs 8% across the Midwest region in 2025, up from 6.5% in 2022.
Zoning & Land Use
Land Use Mix share of zoned land by category
- Residential 68.1%
- Industrial 9.4%
- Commercial 3.5%
- Open space 0%
Largest Zones share of zoned land by district
Novi, MI zones 18,363 acres across 27 districts. Commercial zoning covers 3.5% of zoned land, residential 68.1%, open space 0% and industrial 9.4%. The largest single district is Residential Acreage at 25.8%. For commercial buyers the practical constraint is that only 12.9% of land carries a commercial or industrial designation.
I-1 Light Industrial District 129 - - - Found in multiple Articles and Sections 1900 Intent 129 3 3.1.18.A 3-40 1901 Principal Uses Permitted 129 3 3.1.18.B 3-41 Intro text no longer required 1901.4 Public or private health and fitness facilities 130 4 4.34 4-18 1902 Principal Uses Permitted, Subject to Special Conditions when Abutting... 130 3 3.1.18.B 3-41…
Market overview
Demographics & Economy
Novi, MI has 60,936 residents in 26,024 households. Density runs 2,252 people per square mile. Median household income here is $124,754 and median gross rent $2,024 a month.
Tools
Nearby Markets
| Market | Median Asking Price, $/SF | Median Asking Rent, $/SF/Yr |
|---|---|---|
| Wixom | $245 | $9.95 |
| New Hudson | $107 | $26.00 |
| Northville | $257 | $30.00 |
| South Lyon | $245 | $18.00 |
Commercial property in Novi, MI asks $130/SF. The 4 bordering markets run from $107/SF in New Hudson to $257/SF in Northville, and the city sits below their $245/SF median.
Frequently Asked Questions
What is the median price per square foot for commercial property in Novi?
How much does it cost to lease commercial space in Novi?
How does Novi compare to nearby markets on price?
What zoning applies to commercial property in Novi?
Where does Realmo's Novi market data come from?
Methodology & data sources
- Asking prices and medians
- There are 36 active for-sale and 76 active for-lease listings in Novi, MI. The medians are based on 11 of the for-sale and 29 of the for-lease listings, those that state a price or rent per square foot. These are ASKING figures from live listings, not closed-transaction prices, and a figure resting on fewer than 10 listings says so where it is quoted.
- Vacancy rates
- Published per-sector market series, taken at the metro level where one exists and otherwise at the Census-region level — a chart reading "in <region> region" is a regional number, not this city's.
- Zoning and land use
- The current municipal zoning release: 18,363 zoned acres across 27 districts. Shares are of zoned land, so parcels the release leaves unclassified are excluded from the mix.
- Refresh
- The monthly aggregates close at the end of the previous month, so 31 October 2026 — not today — is the honest last update.
- Known limitations
- office vacancy is reported at Midwest region level, retail vacancy is reported at Midwest region level and industrial vacancy is reported at Midwest region level.
- Coverage
- Metrics below the 10-observation threshold fall back one geographic level. The geography used is named on each figure.
Compiled by the Realmo Data team · reviewed 31 October 2026 · How Realmo checks market page data · Report a data issue
