2023 Office Space Rent & Sales
- $26.16 2023 Avg. Asking Rent
- 3.01% Y-o-Y Avg. Asking Rent Change
- 12.91% 2023 Office Vacancy Rate
Beachwood office price per square foot in 2023 was $26.16 on average. This marked a +3.01% change in office space price per square foot compared to the previous year. The local office market recorded an average vacancy rate of 12.91% across all asset classes combined.
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
- Beachwood Class A & A+ Office Space$27.42
- Beachwood Class B Office Space$24.04
- Beachwood Class C Office Space$21.05
- Ohio Class A & A+ Office Space$24.12
- Ohio Class B Office Space$18.73
- Ohio Class C Office Space$19.85
Beachwood, OH Office Asking Rents by Class
Average office rent in Beachwood rested at $26.16 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 Beachwood averaged $27.42 per square foot. Across all submarkets, class B office space recorded an average asking rent of $24.04 per square foot. Meanwhile, assets encompassing class C office space saw asking rents of $21.05 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 Beachwood
| Submarket | Asking Rents | Vacancy Rates |
|---|---|---|
| Chagrin Corridor | $26.15 | 12.13% |
| East | $20.87 | 27.07% |
Office Spaces for Rent in Ohio
- Columbus Office Space
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- Worthington Office Space
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Coworking Spaces in Ohio
- New York City Coworking Space
- Manhattan Coworking Space
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- Philadelphia Coworking Space
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- Jersey City Coworking Space
- Cleveland Coworking Space
- Ann Arbor Coworking Space
- Queens Coworking Space
- Richmond Coworking Space
- Grand Rapids Coworking Space
2023 Office Construction in Beachwood, OH
| Office building | Address | SF | Completed |
|---|---|---|---|
| The Hiatus | 3800 Park East Drive, 44122 | 3,500 | 2023 |
| DDR Office Building | 3333 Richmond Road, 44122 | 177,135 | 2009 |
| 23600 Commerce Park Dr | 23600 Commerce Park Dr, 44122 | 12,042 | 2009 |
| Two Chagrin Highlands | 3000 Auburn Drive, 44122 | 114,000 | 2001 |
| One Chagrin Highlands | 2000 Auburn Drive, 44122 | 109,000 | 1998 |
| Commerce Park V | 23250 Chagrin Blvd, 44122 | 60,400 | 1992 |
| 23330 Commerce Park | 23330 Commerce Park, 44122 | 32,000 | 1990 |
| Signature Square II | 25101 Chagrin Blvd, 44122 | 84,605 | 1989 |
| 23533 & 23245 Mercantile Road | 23533 Mercantile Road, 44122 | 100,480 | 1988 |
| One Corporate Exchange | 25825 Science Park Drive, 44122 | 88,546 | 1988 |
Worth noting among recent office completions on the Beachwood market is The Hiatus, which is currently the largest new office development in the city, at 3,500 square feet.
See reports for other markets
- Cincinnati Office Rent Price
- Columbus Office Rent Price
- Cleveland Office Rent Price
- Dayton Office Rent Price
- Akron Office Rent Price
- Toledo Office Rent Price
- Dublin Office Rent Price
- Blue Ash Office Rent Price
- Canton Office Rent Price
- Denver Office Rent Price
- Houston Office Rent Price
- Washington Office Rent Price
- Manhattan Office Rent Price
- Charlotte Office Rent Price
- Phoenix Office Rent Price
- San Diego Office Rent Price
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 Beachwood 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.