2023 Office Space Rent & Sales
- $20.79 2023 Avg. Asking Rent
- 3.26% Y-o-Y Avg. Asking Rent Change
- 19.63% 2023 Office Vacancy Rate
- $57M2023 Total Office Sales
- $49.72Avg. Sale Price/SF
Cleveland office price per square foot in 2023 was $20.79 on average. This marked a +3.26% change in office space price per square foot compared to the previous year. The local office market recorded an average vacancy rate of 19.63% across all asset classes combined. The 5 transactions that closed here throughout 2023 amounted to a total sale volume of $57M. Cleveland office space commanded an average sale price per square foot of $49.72.
Average Rent by Office Class
2023 Average Office Rent per Square Foot
- Cleveland Class A & A+ Office Space$25.40
- Cleveland Class B Office Space$18.69
- Cleveland Class C Office Space$20.47
- Ohio Class A & A+ Office Space$24.12
- Ohio Class B Office Space$18.73
- Ohio Class C Office Space$19.85
Cleveland, OH Office Asking Rents by Class
Average office rent in Cleveland rested at $20.79 per square foot in 2023. 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 Cleveland averaged $25.40 per square foot. Across all submarkets, class B office space recorded an average asking rent of $18.69 per square foot. Meanwhile, assets encompassing class C office space saw asking rents of $20.47 per square foot, on average. Comparably, statewide Ohio average office rents by class in 2023 were: $24.12 per square foot for class A office space; $18.73 per square foot for class B office space; $19.85 per square foot for class C office space.
2023 Office Vacancy Rates in Cleveland
Submarket | Asking Rents | Vacancy Rates |
---|---|---|
Chagrin Corridor | $26.15 | 12.13% |
Southern Cuyahoga County | $22.63 | 23.11% |
West | $21.21 | 14.36% |
Eastern Cuyahoa County | $21.21 | 24.32% |
East | $20.87 | 27.07% |
Western Cuyahoga County | $20.59 | 51.90% |
Downtown | $19.89 | 15.28% |
South | $18.08 | 13.40% |
Cleveland Office Sale Price per SF
- $49.722023 Avg. Price per SF
- $57M2023 Office Sales Volume
- 52023 Number of Transactions
Cleveland, OH Sale Price per SF Trend
- Cleveland Avg. Sale Price per SF in 2023$49.72
- Ohio Avg. Sale Price per SF in 2023$81.82
2023 Office Sales Volume
- Cleveland, OH Total Office Sales Volume in 2023 $57M
- Cleveland, OH Total Number of Office Sales Closed in 2023 5
Coworking Spaces in Ohio
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2023 Office Construction in Cleveland, OH
- Cleveland, OH Total SF completed in 2023 53,825
- Cleveland, OH Total SF under construction in 2024 1,220,144
During 2023, 53,825 square feet of new office space were delivered across the market. At the close of 2023, the Cleveland office inventory included 1 buildings equal to or larger than 25,000 square feet, which comprised 53,825 square feet of office space. Looking forward, development activity throughout 2024 is estimated to add 1,220,144 square feet of office space to the market, before year-end.
Office building | Address | SF | Completed |
---|---|---|---|
6001 Euclid Avenue | 6001 Euclid Avenue, 44103 | 61,783 | 2018 |
1975 East 61st Street | 1975 East 61st Street, 44103 | 28,600 | 2018 |
Settler's Pointe | 1440 West 10th Street, 44113 | 31,792 | 2015 |
Ernst & Young Tower | 950 East Main Avenue, 44113 | 480,000 | 2013 |
Rosetta Center | 629 Euclid Avenue, 44114 | 217,500 | 2013 |
Midtown Tech Park - Building 1 | 6700 Euclid Avenue, 44103 | 128,000 | 2011 |
Euclid Commons Medical Space | 2450 Euclid Avenue, 44115 | 172,100 | 2010 |
Cowden Humphrey Building | 4600 Euclid Avenue, 44103 | 41,667 | 2009 |
Tyler Village - Buildings 4, 10, 11, 15, 20, 31, 42, 44 & 44A | 3615 Superior Avenue, 44114 | 488,693 | 2008 |
1400 E 9th Street | 1400 East 9th Street, 44114 | 10,000 | 2006 |
Worth noting among recent office completions on the Cleveland market is 6001 Euclid Avenue, which is currently the largest new office development in the city, at 61,783 square feet.
See reports for other markets
- Cincinnati Office Rent Price
- Columbus Office Rent Price
- Dayton Office Rent Price
- Akron Office Rent Price
- Toledo Office Rent Price
- Dublin Office Rent Price
- Blue Ash Office Rent Price
- Canton Office Rent Price
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- Houston Office Rent Price
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- Denver Office Rent Price
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- Chicago Office Rent Price
- Los Angeles Office Rent Price
- Manhattan Office Rent Price
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 2023 through December 31st 2023. Construction pipeline data represented herein is valid as of April 2024. The information on this page was compiled using data provided by CommercialEdge, a market intelligence solution which offers comprehensive real market knowledge on all Cleveland 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.