2023 Office Space Rent & Sales
- $21.32 2023 Avg. Asking Rent
- -1.86% Y-o-Y Avg. Asking Rent Change
- 27.16% 2023 Office Vacancy Rate
Westlake office price per square foot in 2023 was $21.32 on average. This marked a -1.86% change in office space price per square foot compared to the previous year. The local office market recorded an average vacancy rate of 27.16% 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
Westlake, OH Office Asking Rents by Class
Office Spaces for Rent in Ohio
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Coworking Spaces in Ohio
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2023 Office Construction in Westlake, OH
- Westlake, OH Total SF completed in 2023 61,900
During 2023, 61,900 square feet of new office space were delivered across the market. At the close of 2023, the Westlake office inventory included 1 buildings equal to or larger than 25,000 square feet, which comprised 61,900 square feet of office space.
| Office building | Address | SF | Completed |
|---|---|---|---|
| Corporate Circle | 2205 Crocker Road, 44145 | 61,900 | 2023 |
| American Greetings Creative Studios World Headquarters | 1 American Blvd, 44145 | 596,673 | 2014 |
| Crocker Corporate Center | 2055 Crocker Road, 44145 | 60,702 | 2007 |
| La Centre II | 25777 Detroit Road, 44145 | 110,401 | 2003 |
| 29055 Clemens Rd | 29055 Clemens Rd, 44145 | 14,934 | 2001 |
| Westlake Corporate Park | 2211 Crocker Road, 44145 | 37,772 | 2000 |
| 27881 Clemens Rd | 27881 Clemens Rd, 44145 | 8,004 | 2000 |
| Reserve Office Park | 2035 Crocker Road, 44145 | 32,000 | 1999 |
| 815 Crocker Road | 815 Crocker Rd, 44145 | 1,011 | 1998 |
| Point 6 | 24651 Center Ridge Road, 44145 | 90,758 | 1990 |
Worth noting among recent office completions on the Westlake market is Corporate Circle, which is currently the largest new office development in the city, at 61,900 square feet.
See reports for other markets
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- Cleveland 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 Westlake 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.