Commercial Real Estate Market in Novi, MI
Updated monthly: sale, lease, property records, location trend, and more… · Last update: August 31
146 active listings and 1,146 off-market properties in Novi, MI. Commercial property asks $97/SF to buy and $17.06/SF/Yr to lease.
Market Trends
Novi, MI spans 27.1 square miles in Oakland County, Michigan. Figures below refresh monthly; last updated 31 August 2026.
Office
Office space in Novi, MI asks $120/SF to buy. Vacancy runs 21.3% across the Midwest region in 2025, up from 13.7% in 2019.
Average Sale Price $/SF
Listings
Vacancy Rate % in Midwest region
Retail
Retail space in Novi, MI asks $175/SF to buy. Vacancy runs 6.3% across the Midwest region in 2025, down from 8% in 2020.
Average Sale Price $/SF
Listings
Vacancy Rate % in Midwest region
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%.
Vacancy Rate % in Midwest region
Multifamily
Multifamily space in Novi, MI asks $159/SF to buy. Vacancy runs 8% across the Midwest region in 2025, up from 6.5% in 2022.
Average Sale Price $/SF
Listings
Vacancy Rate % in Midwest region
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
Residential Acreage
One Family Residential
One Family Residential
Light Industrial
Low Density Multiple Family
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.
Light Industrial (I-1)
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.
60,936
Population
26,024
Households
2.3
Avg Household Size
39
Median Age
61%
College-Educated
97%
High-School Grad
27.1 sq mi
ZIP Area
2,252
Density / Sq Mi
$124,754
Median Household Income
$73,929
Median Earnings
$2,024
Median Rent
$403,312
Median Home Value
Tools
Nearby Markets
| Market | Average Sale Price, $/SF | Average Lease Price, $/SF/Yr |
|---|---|---|
| Northville | $74 (county avg) | $36.75 |
| Plymouth | $74 (county avg) | $19.16 |
Commercial property in Novi, MI asks $97/SF. The 2 bordering markets run from $74/SF in Northville to $74/SF in Northville, and the city sits above their $74/SF median.
Frequently Asked Questions
What is the average price per square foot for commercial property in Novi?
Commercial property in Novi, MI asks an average of $97 per square foot. The 3 most recent recorded sales traded at a median of $113/SF. Retail carries the highest asking price at $175/SF.
How much does it cost to lease commercial space in Novi?
Asking lease rates in Novi, MI average $17.06 per square foot per year.
How does Novi compare to nearby markets on price?
Novi, MI asks $97/SF against $74/SF in Northville and $74/SF in Plymouth. Northville is the cheapest entry point at 23% below Novi pricing, with $36.75/SF/Yr asking rents.
What zoning applies to commercial property in Novi?
Novi, MI zones 18,363 acres across 27 districts, of which 3.5% is commercial and 9.4% industrial. The largest single district is Residential Acreage at 25.8% of zoned land. Residential zoning covers 68.1% and open space 0%.
Where does Realmo's Novi market data come from?
Realmo compiles Novi, MI figures from 3 recent recorded sales, 66 active sale listings, 80 active lease listings, 1,146 tracked off-market properties, the current Novi zoning release. Sale and lease figures refresh monthly; vacancy annually. Last updated 31 August 2026.
Methodology & data sources
- Asking prices and averages
- Computed from 66 active for-sale and 80 active for-lease listings in Novi, MI. These are ASKING figures from live listings, not closed-transaction prices, and a segment carried by a handful of listings reads as indicative rather than an average.
- 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 August 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 August 2026 · report a data issue
