2023 Office Space Rent & Sales
- $19.71 2023 Avg. Asking Rent
- 2.53% Y-o-Y Avg. Asking Rent Change
- 23.15% 2023 Office Vacancy Rate
Independence office price per square foot in 2023 was $19.71 on average. This marked a +2.53% change in office space price per square foot compared to the previous year. The local office market recorded an average vacancy rate of 23.15% 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
- Ohio Class A & A+ Office Space$24.12
- Ohio Class B Office Space$18.73
- Ohio Class C Office Space$19.85
Independence, OH Office Asking Rents by Class
2023 Office Vacancy Rates in Independence
| Submarket | Asking Rents | Vacancy Rates |
|---|---|---|
| Southern Cuyahoga County | $22.63 | 23.11% |
| Rockside Corridor | $19.71 | 23.98% |
| South | $18.08 | 13.40% |
Office Spaces for Rent in Ohio
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Coworking Spaces in Ohio
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2023 Office Construction in Independence, OH
- Independence, OH Total SF completed in 2023 157,600
During 2023, 157,600 square feet of new office space were delivered across the market. At the close of 2023, the Independence office inventory included 1 buildings equal to or larger than 25,000 square feet, which comprised 157,600 square feet of office space.
| Office building | Address | SF | Completed |
|---|---|---|---|
| 5959 Rockside Woods Blvd | 5959 Rockside Woods Blvd, 44131 | 157,600 | 2023 |
| Independence Technology Center | 6801 Brecksville Road, 44131 | 306,000 | 2003 |
| Park Center Plaza | 6050-6150 Oak Tree Blvd., 44131 | 420,000 | 2001 |
| Independence Corporate Center | 7100 East Pleasant Valley Road, 44131 | 70,000 | 1999 |
| Beacon Place | 6055 Rockside Woods Blvd North, 44131 | 133,918 | 1997 |
| Freedom Square III | 4511 Rockside Road, 44131 | 71,052 | 1997 |
| 5700 Brecksville Road | 5700 Brecksville Road, 44131 | 106,545 | 1996 |
| Crown Centre I | 5005 Rockside Road, 44131 | 275,000 | 1990 |
| Summit Office Park - Summit Three | 3 Summit Park Drive, 44131 | 164,860 | 1989 |
| Summit Office Park - Summit Four | 4 Summit Park Drive, 44131 | 76,181 | 1989 |
Worth noting among recent office completions on the Independence market is 5959 Rockside Woods Blvd, which is currently the largest new office development in the city, at 157,600 square feet.
See reports for other markets
- Cincinnati Office Rent Price
- Columbus Office Rent Price
- Cleveland Office Rent Price
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- Akron Office Rent Price
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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 Independence 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.