Independence Office Rent Price & Sales Report

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%
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 Independence market was 23.15% in 2023. Looking at the market stats on a more granular level, data shows that the lowest office vacancy rate in Independence was 13.40% in the South submarket, while the highest office vacancy in the market was 23.98%, recorded in Rockside Corridor.

Office Spaces for Rent in Ohio

Coworking Spaces in Ohio

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.

Largest Office Properties Recently Completed in Independence
Office building Address SF Completed
5959 Rockside Woods Blvd 5959 Rockside Woods Blvd, 44131 157,600 2023
Park Center Plaza 6050-6150 Oak Tree Blvd., 44131 420,000 2001
6600 Schaaf Road 6600 Schaaf Road, 44131 51,109 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.

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 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.