Cleveland, OH Office Overview
The Cleveland office market includes the Buckeye - Shaker, Fairfax, and Ohio City submarkets. With a metropolitan population of over 2 million people, the economy 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 for commercial real estate.
As of mid-2017 the Greater Cleveland market encompasses nearly 26 million square feet of office space in properties larger than 50,000 square feet. While manufacturing is still a significant part of the market in the city, demand for Class A product 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 commercial real estate is consistently strong. Over 58% of the office space is Class A or A+, with Class B properties accounting for a little over 41% of the inventory.
The Central Cleveland submarket is 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 properties 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
Total: 24,949,861 SF
By square footage range:
- 50k to 100k SF: 2,627,940 SF / 10.53% of total office
- 100k to 500k SF: 12,020,236 SF / 48.18% of total office
- 500k to 1M SF: 7,766,064 SF / 31.13% of total office
- > 1M SF: 2,535,621 SF / 10.16% of total office
- Class A: 13,820,687 SF / 55.39% of total office
- Class B: 9,405,561 SF / 37.7% of total office
- Class C: 406,863 SF / 1.63% of total office
Top 10 Largest Office Buildings
|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
|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
Euclid Avenue is city'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 is in the Downtown Cleveland submarket, just west of Cleveland State University and near the Lake Erie waterfront. Originally built in 1972, the 576,000-square-foot 1100 Superior holds a LEED Silver certification and is an excellent example of a Class A property in the city.
Energy-efficient, green buildings are increasingly in demand from both tenants and 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 the city isn't among the 30 U.S. office markets surveyed for the index, its commitment to developing green buildings is strong.
Cleveland, OH's Top Office-Using Sectors
While the commercial real estate market in Cleveland is still driven by manufacturing, sectors such as healthcare, banking & finance, and professional business services increasingly drive the demand for office space.
- Manufacturing – Sherwin-Williams Company, Applied Industrial Technologies, Cliff's Natural Resources, and NACCO Industries are all headquartered in the city.
- Healthcare – White collar employment is created by institutions such as the Case Western Reserve University, University Hospitals, and the MetroHealth medical center.
- Banking & Finance – Top employers 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 white-collar employment.
- Total Population388,812
- Male Population(47.9 %) 186,427
- Female Population(52.1 %) 202,385
- Median Age35.80
- 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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