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Office Space for Rent in Cleveland, OH - 136 Listings

Cleveland, OH Office Overview

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The Cleveland office market includes the Buckeye - Shaker, Fairfax, and Ohio City commercial real estate submarkets. With a metropolitan population of over 2 million people, the economy in Cleveland is driven by a dynamic mix of businesses, including healthcare, bioscience, and high technology. These, in addition to the traditional manufacturing industry, generate strong demand in Cleveland for office space and commercial real estate.

As of mid-2017 the Greater Cleveland office market encompasses nearly 26 million square feet of existing office space in properties larger than 50,000 square feet. While manufacturing is still a significant part of the market in Cleveland, demand for Class A office space is increasingly coming from the white-collar service sectors.

Cleveland, OH Office Inventory Description

Located on the southern shore of Lake Erie, Cleveland is the second-largest city in Ohio, right behind Columbus. With a gross metropolitan product of nearly $121 billion annually, the demand for Cleveland commercial real estate and office space is consistently strong. Over 58% of the office space in Cleveland is Class A or A+, with Class B office space accounting for a little over 41% of the total office inventory in the metro area.

One area in Cleveland that sees strong demand for office space is the Central Cleveland office submarket. Located along State Route 20, between Cleveland State University and the Main Campus of the Cleveland Clinic, this area is home to new and converted office buildings such as Prospect Park, the Innerbelt Buildings at 2800 Euclid Avenue, and the Cowden Humphrey Building which is also on Euclid Avenue.

Cleveland, OH Commercial Inventory Breakdown

Office Spaces

Total: 24,934,491 SF

Data provided by Yardi Matrix, properties over 50k SF, includes office with retail

By square footage range:

  • 50k to 100k SF: 2,627,940 SF / 10.54% of total office
  • 100k to 500k SF: 12,004,866 SF / 48.15% of total office
  • 500k to 1M SF: 7,766,064 SF / 31.15% of total office
  • > 1M SF: 2,535,621 SF / 10.17% of total office

By class:

  • Class A: 13,820,687 SF / 55.43% of total office
  • Class B: 9,405,561 SF / 37.72% of total office
  • Class C: 406,863 SF / 1.63% of total office

Top 10 Largest Office Buildings

in Cleveland

Office building Address Sqft Year built
Key Tower 127 Public Square, 44113 1,300,000 1991
200 Public Square 200 Public Square, 44114 1,235,621 1985
Landmark Office Towers 101 West Prospect Avenue, 44115 900,000 1931
The Higbee Building 100 Public Square, 44113 815,000 1930
PNC Center 1900 East 9th Street, 44114 807,550 1979
The Tower at Erieview 1301 East 9th Street, 44114 768,765 1962
1111 Superior Avenue 1111 Superior Avenue, 44114 602,000 1982
North Point Office Complex - 1001 Lakeside Avenue East 1001 Lakeside Avenue East, 44114 591,938 1989
Terminal Tower 50 Public Square, 44113 581,400 1930
1100 Superior Avenue 1100 Superior Avenue, 44114 576,000 1972

Most Recently-Built Office Buildings

in Cleveland

Office building Address Sqft Year built
Link 59 - Geis Building 2 6100 Euclid Avenue, 44103 61,000 2018
10500 Cedar Road 10500 Cedar Road, 44106 41,630 2018
Oatey Headquarters 20600 Emerald Pkwy, 44135 47,000 2016
Settler's Pointe 1440 West 10th Street, 44113 31,792 2015
2425 & 2429 West 11th Street 2425 West 11th Street, 44113 29,175 2014
Ernst & Young Tower 950 East Main Avenue, 44113 480,000 2013
Cuyahoga County Administrative Headquarters 2079 East 9th Street, 44115 220,000 2013
The Victory Center 7012 Euclid Avenue, 44103 166,578 2013
Midtown Tech Park - Building 3 6555 Carnegie Avenue, 44103 64,000 2013
Ariel International Center 1163 East 40th Street, 44114 68,000 2012

Cleveland, OH Green Office Space

Employment

Euclid Avenue is Cleveland's top green building corridor, known not just for energy efficient office space in the area but for the greener transportation projects such as the rapid transit line and the city's first bike lanes. This area currently has 15 LEED-certified buildings totaling nearly 1.7 million square feet.

But the largest concentration of LEED-certified office buildings in Cleveland is in the Downtown Cleveland commercial real estate submarket, just west of Cleveland State University and near the Lake Erie waterfront. Originally built in 1972, the 576,000-square- foot 1100 Superior office building holds a LEED Silver certification and is an excellent example of a Class A green office building in Cleveland.

Energy-efficient, green office buildings are increasingly in demand from both tenants and office property investors. The 2017 National Green Building Adoption Index reviewed 30 major office markets in the U.S. The number of LEED-certified, Energy Star-certified, and green buildings has increased by over 33% since 2005. While Cleveland isn't among the 30 U.S. office markets surveyed for the index, its commitment to developing green office buildings is strong.

Cleveland, OH’s Top Office-Using Sectors

While the commercial real estate market in Cleveland OH is still driven by manufacturing, other top office-using sectors such as healthcare, banking & finance, and professional business services increasingly drive the demand for white collar office space in Cleveland.

  • Manufacturing – Sherwin-Williams Company, Applied Industrial Technologies, Cliff's Natural Resources, and NACCO Industries are all headquartered in Cleveland.
  • Healthcare – White collar office employment is created by institutions such as the Case Western Reserve University, University Hospitals, and the MetroHealth medical center.
  • Banking & Finance – Top employers and large office using businesses in this sector include Ernst & Young LLP, the Federal Reserve Bank of Cleveland, Ohio Savings Bank, and Third Federal Savings & Loan.
  • Professional Business Services – Law firm Jones Day and the Glenn Research Center are two of the many creators of while collar office employment in Cleveland.

Cleveland Demographics

Population

  • Total Population388,812
  • Male Population(47.9 %) 186,427
  • Female Population(52.1 %) 202,385
  • Median Age35.80

Income/Financial

  • Average Household Income$41,643
  • Median Household Income$27,854
  • Median Income Under 25$16,288
  • Median Income 25-44$31,813
  • Median Income 45-64$29,772
  • Median Income Over 65$23,699

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