Westerville Office Rent Price & Sales Report

2024 Office Space Rent & Sales

  • $25.08 2024 Avg. Asking Rent
  • 3.75% Y-o-Y Avg. Asking Rent Change
  • 24.28% 2024 Office Vacancy Rate
  • $30.9M2024 Total Office Sales
  • $138.83Avg. Sale Price/SF

Westerville office price per square foot in 2024 was $25.08 on average. This marked a +3.75% change in office space price per square foot compared to the previous year. The local office market recorded an average vacancy rate of 24.28% across all asset classes combined. The 4 transactions that closed here throughout 2024 amounted to a total sale volume of $30.9M. Westerville office space commanded an average sale price per square foot of $138.83.

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

  • Ohio Class A & A+ Office Space$23.67
  • Ohio Class B Office Space$18.24
  • Ohio Class C Office Space$14.24

Westerville, OH Office Asking Rents by Class

2024 Office Vacancy Rates in Westerville

Submarket Asking Rents Vacancy Rates
New Albany $25.47 12.51%
Columbus - Westerville $24.96 25.15%
Data provided by Commercial Edge
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 Westerville market was 24.28% in 2024. Looking at the market stats on a more granular level, data shows that the lowest office vacancy rate in Westerville was 12.51% in the New Albany submarket, while the highest office vacancy in the market was 25.15%, recorded in Columbus - Westerville.

Office Spaces for Rent in Ohio

Westerville Office Sale Price per SF

  • $138.832024 Avg. Price per SF
  • 29.09%Y-o-Y Avg. PpSF Change
  • $30.9M2024 Office Sales Volume
  • 42024 Number of Transactions

Westerville, OH Sale Price per SF Trend

  • Westerville Avg. Sale Price per SF in 2024$138.83
  • Ohio Avg. Sale Price per SF in 2024$77.74
Westerville office space cost in 2024 marked a +29.09% change compared to the previous year. The sale price for office space in Westerville averaged $138.83 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

  • Westerville, OH Total Office Sales Volume in 2024 $30.9M
  • Westerville, OH Total Number of Office Sales Closed in 2024 4
A total of 4 deals closed on the Westerville office market in 2024, adding up to a yearly sales volume of $30.9M. Notably, the largest transaction on the market saw Westar Crossing change hands for $10,796,940 on 7/19/2024.
Data provided by Commercial Edge

Coworking Spaces in Ohio

2024 Office Construction in Westerville, OH

Largest Office Properties Recently Completed in Westerville
Office building Address SF Completed
Hamilton Quarter 4960 East Dublin Granville Road, 43081 134,311 2022
Westar IV 460 Polaris Pkwy, 43082 144,700 2008
Westar III 440 Polaris Pkwy, 43082 144,300 2005
Mount Carmel St. Ann's - Medical Office Building III 477 Cooper Road, 43081 102,362 2005
North Star Corporate Center - 955 & 999 County Line Road West 999 County Line Road West, 43082 92,573 2005
Westar II 550 Polaris Pkwy., 43082 139,900 2004
Vibe Westerville 579 Executive Campus Drive, 43082 110,919 2004
Vibe Westerville 579 Executive Campus Drive, 43082 109,685 2004
Westar Medical Office 444 N Cleveland Ave, 43082 41,739 2002
110 Polaris Pkwy 110 Polaris Pkwy, 43082 50,000 2001

Worth noting among recent office completions on the Westerville market is Hamilton Quarter, which is currently the largest new office development in the city, at 134,311 square feet.

Data provided by Commercial Edge

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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 CommercialEdge, a market intelligence solution which offers comprehensive real market knowledge on all Westerville 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.