Westerville Office Rent Price & Sales Report

2023 Office Space Rent & Sales

  • $24.17 2023 Avg. Asking Rent
  • 17.43% 2023 Office Vacancy Rate
  • $33.7M2023 Total Office Sales
  • $107.54Avg. Sale Price/SF

Westerville office price per square foot in 2023 was $24.17 on average. The local office market recorded an average vacancy rate of 17.43% across all asset classes combined. The 3 transactions that closed here throughout 2023 amounted to a total sale volume of $33.7M. Westerville office space commanded an average sale price per square foot of $107.54.

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

Westerville, OH Office Asking Rents by Class

2023 Office Vacancy Rates in Westerville

Submarket Asking Rents Vacancy Rates
New Albany $24.31 21.77%
Columbus - Westerville $22.95 17.93%
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 Westerville market was 17.43% in 2023. Looking at the market stats on a more granular level, data shows that the lowest office vacancy rate in Westerville was 17.93% in the Columbus - Westerville submarket, while the highest office vacancy in the market was 21.77%, recorded in New Albany.

Office Spaces for Rent in Ohio

Westerville Office Sale Price per SF

  • $107.542023 Avg. Price per SF
  • -0.69%Y-o-Y Avg. PpSF Change
  • $33.7M2023 Office Sales Volume
  • 32023 Number of Transactions

Westerville, OH Sale Price per SF Trend

  • Westerville Avg. Sale Price per SF in 2023$107.54
  • Ohio Avg. Sale Price per SF in 2023$81.82
Westerville office space cost in 2023 marked a -0.69% change compared to the previous year. The sale price for office space in Westerville averaged $107.54 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

  • Westerville, OH Total Office Sales Volume in 2023 $33.7M
  • Westerville, OH Total Number of Office Sales Closed in 2023 3
A total of 3 deals closed on the Westerville office market in 2023, adding up to a yearly sales volume of $33.7M. Notably, the largest transaction on the market saw 735 Ceramic Place change hands for $2,700,000 on 4/12/2023.
Data provided by Commercial Edge

Coworking Spaces in Ohio

2023 Office Construction in Westerville, OH

  • Westerville, OH Total SF completed in 2023 80,000

During 2023, 80,000 square feet of new office space were delivered across the market. At the close of 2023, the Westerville office inventory included 1 buildings equal to or larger than 25,000 square feet, which comprised 80,000 square feet of office space.

Largest Office Properties Recently Completed in Westerville
Office building Address SF Completed
Hamilton Quarter 4960 East Dublin Granville Road, 43081 134,311 2022
Westar IV 460 Polaris Pkwy, 43082 144,700 2008
Altair I 600 Cleveland Ave. N, 43082 93,000 2006
Westar III 440 Polaris Pkwy, 43082 144,300 2005
North Star Corporate Center - 955 & 999 County Line Road West 999 County Line Road West, 43082 92,573 2005
St. Ann's MOB 477 Cooper Rd, 43081 91,408 2004
Westar Medical Office 444 N Cleveland Ave, 43082 41,739 2002
250 Progressive Way 250 Progressive Way, 43082 114,761 2001
250 Progressive Way 250 Progressive Way, 43082 114,761 2001
110 Polaris Pkwy 110 Polaris Pkwy, 43082 50,000 2001

Worth noting among recent office completions on the Westerville market is Hamilton Quarter, which is currently the largest new office development in the city, at 134,311 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 Westerville 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.