Cleveland Office Rent Price & Sales Report

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.

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

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%
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 Cleveland market was 19.63% in 2023. Looking at the market stats on a more granular level, data shows that the lowest office vacancy rate in Cleveland was 12.13% in the Chagrin Corridor submarket, while the highest office vacancy in the market was 51.90%, recorded in Western Cuyahoga County.

Office Spaces for Rent in Ohio

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
The sale price for office space in Cleveland averaged $49.72 per square foot in 2023, across all market subdivisions and asset classes. Conversely, the statewide Ohio average office sale price during the same time period was $81.82 per square foot.

2023 Office Sales Volume

  • Cleveland, OH Total Office Sales Volume in 2023 $57M
  • Cleveland, OH Total Number of Office Sales Closed in 2023 5
A total of 5 deals closed on the Cleveland office market in 2023, adding up to a yearly sales volume of $57M. Notably, the largest transaction on the market saw Landmark Office Towers change hands for $38,000,000 on 7/5/2023.
Data provided by Commercial Edge

Coworking Spaces in Ohio

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.

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
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
1401 Prospect Avenue 1401 Prospect Avenue, 44115 92,570 2013
Midtown Tech Park - Building 1 6700 Euclid Avenue, 44103 128,000 2011
Euclid Commons Medical Space 2450 Euclid Avenue, 44115 172,100 2010
7415-7635 Lorain Avenue 7415 Lorain Ave, 44102 11,000 2010

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 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 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.