An affluent suburb 16 miles north of Detroit (about half an hour by car), Troy is where the perks of upscale residential living intersect with a booming economy.
Automotive and financial sectors both have strong presences here—the city’s tallest building, the Top of Troy, is home to PNC Financial Services. Until recently, Bank of America had a strong presence in the city as well; however, its regional headquarters were sold in 2017.
The upscale Somerset Collection Mall is located here, as is the Oakland Mall. Some of the biggest employers in Troy include the automotive parts distributor Magna International of America, and the financial institution Flagstar Bancorp, Inc. Coming in after Detroit, Troy has the second highest cumulative property value in Michigan. Troy ranks highly on lists of best places to live in Michigan, and ranks nationally as one of the top 50 suburbs to live in the United States.
Troy Office Space | Lease Data & Trends
The city of Troy boasts more than 11 million square feet of total commercial real estate inventory. Troy’s total vacancy rate hovers around 23 percent across all building classes, which is lower than the 20 percent vacancy rate across the Detroit metro area.
Almost 2 million square feet of inventory in Troy is Class A office space, which has a direct vacancy rate of just over 18 percent. The average direct asking rent for Class A space is about $25 per square foot, slightly higher than the citywide average asking rent of just over $24 and ranking among the more expensive Detroit suburbs for office space.
The remaining inventory, just over 9 million square feet, is Class B space. These spaces show a direct vacancy rate of almost 27 percent. Asking rates are just under $19 per square foot, on par with the citywide average of $18 per square foot. There is no Class C space in Troy.
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Throughout the city, expansions continue to be proposed; amongst them is the Pavilions of Troy, a city project that would include renovated boulevards with upscale shops, offices, condominiums, and a theater—in effect, an open-air shopping mall.
It may prove difficult to get around Troy without a car; the city has low alternative transportation scores of 28 Walk Score, and a 42 Bike Score. However, Detroit’s Suburban Mobility Author for Regional Transportation (SMART) does service Troy as well, albeit not as comprehensively as it does within Detroit proper. Another public transit option in Troy is the Big Beaver Shuttle, which operates Monday to Saturday between the hours of 4 P.M. and 11 P.M. and runs along Big Beaver Road. For those looking to get out of the Detroit metro area, Amtrak trains run through the Troy Transit Center.
For businesses hosting out-of-town clients, the Oakland-Troy airport is the county’s major executive airport.
As the city continues to expand, so, too, do the culinary options. Restaurant choices range from the classic fan favorite Mission BBQ, to upscale steakhouses like The Capital Grille, to staples like the Cantoro Italian Trattoria and Sedona Taphouse. Those working along Big Beaver Road have a variety of dining options from which to choose.
Get to Know Troy
Safety is a big draw here, as Troy is known for being the safest city in Michigan, and the 19th safety city in the country. Another top feature is its economy and job sector: the city has an unemployment rate of 3.9%, compared to the national average of over 5% (and the Detroit average of 5%). The city’s average household income is higher than the national average, too; its annual family median income of $99,000 is about a third higher than the US average. The school district is highly rated, with an overall A+ grade from Niche.com. It is the third highest rated school district in the entire state of Michigan, and the second safest. The district contains 12 State Exemplary Schools, and boasts a 99% graduation rate.
Residents enjoy a number of well-maintained nature areas in the immediate vicinity, including the Clinton River Trail, a rail-trail that extends across 16 miles of Oakland County. There is also a rich history of diversity in Troy, a fact celebrated and showcased by the popular annual three-day Greek Opa! Fest, the activities offered at the Hindu Bharatiya Temple, and the large selection of Polish treats and delicacies on sale at the Polish Market.
That the Somerset Collection has origins in luxury—it was originally founded as a stand-alone site for Saks in 1969, before expanding with 35 additional stores, including former affluent department store, Bonwit Teller—should come as no surprise. By the 1990s, the mall had become an epicenter of luxury, housing such high-end retailers as Tiffany’s and Neiman Marcus. The mall’s success inspired its developers to continue with an expansion the street; it is today over 900,000 square feet and three stories of retail, with more than 180 specialty stores. Other designers who have a store in the Somerset Collection include Giorgio Armani, Louis Vuitton, Michael Kors, and Stuart Weitzman. The Collection is one of the most profitable malls in the country—when considering that it is a privately held site (the mall was developed and is co-owned by the Forbes Company), its revenue figures become doubly impressive.
In addition to its shops, the Somerset Collection is known for the seasonal fashion events it puts on, which draw in well-heeled clientele. The Collection also puts together an ongoing series of short films—launched in 2014, these films delve into the world of high fashion.