Retail Space Rents in Detroit, MI
Rent costs for this type of commercial space depend on a variety of factors. The foremost of these is location, which will dictate how accessible a business is and how much foot traffic it gets. Other factors, such as space type and lease structure, also come into play. On average, retail space for lease in Detroit asks $20.15 per square foot.
Retail Space Lease Types in Detroit, MI
The most common type of lease agreement you’ll find here is NNN, with 29 space(s) available under this type of arrangement.
The local market is also home to 11 retail space(s) offered under a Full Service lease agreement type, and 3 Modified Gross listing(s).
Most Common Type of Lease for Retail Buildings in Detroit, MI
- NNN
29
- Full Service
11
- Modified Gross
3
Average Size of Retail Space for Lease in Detroit, MI
The average size for this type of rental opportunity in Detroit is 2,500 sqft to 5,000 sqft. Currently, the local market offers 38 listing(s) within that size range.
You can also search 37 listing(s) in the 1,000 sqft to 2,500 sqft range.
It should be noted that spaces in this real estate category are generally specialized to cater to the needs of a particular business, so the average sizes of different retail space types can vary greatly.
Retail Space Types You Can Lease in Detroit, MI
Retail space in Detroit comes in all types, shapes, and sizes, so you have a good chance to find the right space for your business. The most common type here is listed as Street Retail and you can find 15 such space(s) available.
Street Retail spaces listed for rent here have an average size of 4,760 square feet. You’ll find street retail spaces are mostly located in urban and suburban areas that have high foot traffic. This type of space is often a great choice for smaller retailers that are looking for well-positioned points of sale.
The local market is also home to 6 space(s) listed as Restaurant. The average size you can expect to find for this category is 3,472 square feet. Retail space specialized for restaurants usually includes ample seating areas and enough room for the safe preparation of food. Restaurant spaces may be embedded in a larger mall or can be freestanding buildings.
What’s more, you can find 6 listing(s) in the Freestanding category, currently available in the average size of 4,783 square feet. Freestanding retail spaces or buildings are a great choice for businesses that need more room to carry out their day-to-day operations and want to stand out. Being located on their own lot and generally featuring more generous showroom and storage space than other such space types, freestanding retail offers tenants the leeway to build the experience they want.
However, besides these popular subtypes, the market has a lot to offer for entrepreneurs looking for the right space to promote their business and get their goods to customers.
Top Locations to Lease Retail Space in Detroit, MI
In general, the most successful retail businesses are located within relatively close proximity of each other, which leads to some neighborhoods becoming famous shopping destinations. Even in the case of suburban strip malls, the simple fact that so many different products can be purchased under the same roof can encourage customers to spend more.
Downtown Detroit is your top choice for lease opportunities, as it is currently home to the highest number of listings — 19 retail space(s).
The most popular space type here is Street Retail.
You can find 6 such listing(s) here.
Detroit’s second most popular area is Lower Woodward, where you can find 14 retail listing(s).
Redford is also among the best areas to search for your next commercial space. Here you can find 11 retail space(s) available for consideration by prospective tenants, of which 3 are Restaurant.
Key Factors to Consider When Choosing a Retail Space for Lease
When you’re looking to give your business a storefront, there are a lot of decisions to be made. The first choice is, of course, location. You’ll have to decide whether your business would operate better in the heart of the city or if it is more likely to thrive in a suburban setting.
Data based on retail spaces listed for rent on CommercialSearch.com
415 Clifford St, Downtown Detroit, Detroit, MI
