Cleveland Office Rent Price & Sales Report

2024 Office Space Rent & Sales

  • $20.21 2024 Avg. Asking Rent
  • -2.16% Y-o-Y Avg. Asking Rent Change
  • 21.07% 2024 Office Vacancy Rate
  • $68.5M2024 Total Office Sales
  • $41.54Avg. Sale Price/SF

Cleveland office price per square foot in 2024 was $20.21 on average. This marked a -2.16% change in office space price per square foot compared to the previous year. The local office market recorded an average vacancy rate of 21.07% across all asset classes combined. The 3 transactions that closed here throughout 2024 amounted to a total sale volume of $68.5M. Cleveland office space commanded an average sale price per square foot of $41.54.

See how this market compares to the national average: U.S. office space rent & sales.

Average Rent by Office Class

2024 Average Office Rent per Square Foot

  • Cleveland Class A & A+ Office Space$25.71
  • Cleveland Class B Office Space$17.77
  • Cleveland Class C Office Space$13.56
  • Ohio Class A & A+ Office Space$23.67
  • Ohio Class B Office Space$18.24
  • Ohio Class C Office Space$14.24

Cleveland, OH Office Asking Rents by Class

Average office rent in Cleveland rested at $20.21 per square foot in 2024. 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 $25.71 per square foot. Across all submarkets, class B office space recorded an average asking rent of $17.77 per square foot. Meanwhile, assets encompassing class C office space saw asking rents of $13.56 per square foot, on average. Comparably, statewide Ohio average office rents by class in 2024 were: $23.67 per square foot for class A office space; $18.24 per square foot for class B office space; $14.24 per square foot for class C office space.

2024 Office Vacancy Rates in Cleveland

Submarket Asking Rents Vacancy Rates
Chagrin Corridor $24.22 12.96%
Western Cuyahoga County $22.13 37.22%
Southern Cuyahoga County $21.69 37.92%
Downtown $21.19 17.43%
East $18.77 26.52%
West $18.44 14.10%
Eastern Cuyahoa County $16.78 34.04%
South $16.39 26.47%
Data provided by Yardi Research
Submarket differences in factors such as property mix, degree of accessibility, and availability of amenities influence not only variation in office rent price, but also in vacancy rates. The overall office vacancy rate on the Cleveland market was 21.07% in 2024. Looking at the market stats on a more granular level, data shows that the lowest office vacancy rate in Cleveland was 12.96% in the Chagrin Corridor submarket, while the highest office vacancy in the market was 37.92%, recorded in Southern Cuyahoga County.

Office Spaces for Rent in Ohio

Cleveland Office Sale Price per SF

  • $41.542024 Avg. Price per SF
  • -16.44%Y-o-Y Avg. PpSF Change
  • $68.5M2024 Office Sales Volume
  • 32024 Number of Transactions

Cleveland, OH Sale Price per SF Trend

  • Cleveland Avg. Sale Price per SF in 2024$41.54
  • Ohio Avg. Sale Price per SF in 2024$77.74
Cleveland office space cost in 2024 marked a -16.44% change compared to the previous year. The sale price for office space in Cleveland averaged $41.54 per square foot in 2024, across all market subdivisions and asset classes. Conversely, the statewide Ohio average office sale price during the same time period was $77.74 per square foot.

2024 Office Sales Volume

  • Cleveland, OH Total Office Sales Volume in 2024 $68.5M
  • Cleveland, OH Total Number of Office Sales Closed in 2024 3
A total of 3 deals closed on the Cleveland office market in 2024, adding up to a yearly sales volume of $68.5M. Notably, the largest transaction on the market saw 200 Public Square change hands for $54,000,000 on 4/3/2024.
Data provided by Yardi Research

Coworking Spaces in Ohio

2024 Office Construction in Cleveland, OH

  • Cleveland, OH Total SF under construction in 2025 1,220,144
Largest Office Properties Recently Completed in Cleveland
Office building Address SF Completed
1118 Euclid Avenue 1118 Euclid Avenue, 44115 230,085 2020
1999 Circle Drive 1999 Circle Drive, 44106 18,649 2019
Phoenix Building 1975 East 61st Street, 44103 28,064 2018
1717 East 9th Street 1717 East 9th Street, 44114 233,075 2015
Ernst & Young Tower 950 East Main Avenue, 44113 480,000 2013
The Residences at Hanna 1401 Prospect Avenue, 44115 92,570 2013
Midtown Tech Park - Building 1 6700 Euclid Avenue, 44103 128,000 2011
7415-7635 Lorain Avenue 7415-7635 Lorain Avenue, 44102 11,000 2010
1400 E 9th Street 1400 East 9th Street, 44114 10,000 2006
Tower Press Building 1900 Superior Avenue, 44114 70,290 2002

Worth noting among recent office completions on the Cleveland market is 1118 Euclid Avenue, which is currently the largest new office development in the city, at 230,085 square feet.

Data provided by Yardi Research

See reports for other 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 2024 through December 31st 2024. Construction pipeline data represented herein is valid as of February 2025. The information on this page was compiled using data provided by Yardi Research Data, 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 Yardi Research Data can guarantee that the information provided is complete.