2020 Office Space Rent & Sales
- $17.90 2020 Avg. Asking Rent
- 14.43 % 2020 Office Vacancy Rate
- $3.5M2020 Total Office Sales
- $10.25Avg. Sale Price/Sqft
Akron office price per square foot in 2020 was $17.90 on average. The local office market recorded an average vacancy rate of 14.43 % across all asset classes combined. The 3 transactions that closed here throughout 2020 amounted to a total sale volume of $3.5M. Akron office space commanded an average sale price per square foot of $10.25.
Average Rent by Office Class
2020 Average Office Rent per Square Foot
- Akron Class A Office Space$19.48
- Akron Class B Office Space$17.20
- Akron Class C Office Space$10.00
- Ohio Class A Office Space$22.10
- Ohio Class B Office Space$17.86
- Ohio Class C Office Space$14.13
Akron, OH Office Asking Rents by Class
Average office rent in Akron rested at $17.90 per square foot in 2020. As would be expected, office rent price showed some variation from one asset class to another. As such, the asking rent for class A office space in Akron averaged $19.48 per square foot. Across all submarkets, class B office space recorded an average asking rent of $17.20 per square foot. Meanwhile, assets encompassing class C office space saw asking rents of $10.00 per square foot, on average. Comparably, statewide Ohio average office rents by class in 2020 were: $22.10 per square foot for class A office space; $17.86 per square foot for class B office space; $14.13 per square foot for class C office space.
Akron Office Sale Price per Sqft
Akron, OH Sale Price per Sqft Trend
- Akron Avg. Sale Price per Sqft in 2020$10.25
- Ohio Avg. Sale Price per Sqft in 2020$83.91
2020 Office Sales Volume
- Akron, OH Total Office Sales Volume in 2020 $3.5M
- Akron, OH Total Number of Office Sales Closed in 2020 3
Largest Akron Office Sales in 2020
|3636 Copley Road||3636 Copley Road||2/4/2020||$1,420,000|
|44 East Exchange Street||44 East Exchange Street||8/4/2020||$1,100,000|
|Cedarwood Valley Office Park||1725 Merriman Road||10/1/2020||$997,500|
2020 Office Construction in Akron, OH
- Akron, OH Total Sqft completed in 2020 45,000
- Akron, OH Total Sqft under construction in 2021 44,000
During 2020, 45,000 square feet of new office space were delivered across the market. At the close of 2020, the Akron office inventory included 1 buildings equal to or larger than 25,000 square feet, which comprised 45,000 square feet of office space. Looking forward, development activity throughout 2021 is estimated to add 44,000 square feet of office space to the market, before year-end.
|The Law Building - Redevelopment||159 South Main Street, 44308||205,000||2021|
|544 White Pond Drive||544 White Pond Drive, 44320||45,000||2020|
|274 White Pond Drive||274 White Pond Drive, 44320||34,500||2016|
|The Triangle Building||1180 South Main Street, 44301||224,000||2015|
|Goodyear Global Headquarters||200 Innovation Way, 44305||639,000||2013|
|18 North Forge Street||18 North Forge Street, 44304||25,872||2012|
|10 East Firestone Blvd||10 East Firestone Blvd, 44301||260,000||2011|
|341 White Pond Drive||341 White Pond Drive, 44320||208,000||2008|
|755 White Pond Drive||755 White Pond Drive, 44320||45,427||2005|
|The Richard M. and Yvonne Hamlin Pavilion||95 Arch Street, 44304||162,175||2003|
Worth noting among recent office completions on the Akron market is The Law Building - Redevelopment, which is currently the largest new office development in the city, at 205,000 square feet.
See reports for nearby markets
This market stats report is based on analysis of city-level data that includes office properties equal to or larger than 25,000 square feet in size. Averages were calculated based on values dated January 1st 2020 through December 31st 2020. Construction pipeline data represented herein is valid as of April 2021. The information on this page was compiled using data provided by CommercialEdge, a market intelligence solution which offers comprehensive real market knowledge on all Akron commercial properties sized 25,000 square feet or larger.
While every effort was made to ensure the accuracy of the data presented in this report, the information is provided “as is” and neither CommercialCafe nor CommercialEdge can guarantee that the information provided is complete.