The typical asking rate per listing is in the $20's per square foot per year. The Downtown Cleveland submarket is going through a a boost in rates. In the last 3 months, the median rate rose $1 per sqft per year. That's a 5% increase in rent.
Compared to the rest of the Cleveland market, the Downtown Cleveland region has greater rates, and you'll have to negotiate above asking rent to be in this hot submarket.
In the last 90 days, 28 listings have come on the market, which means office spaces most likley are leasing quickly. You'll want to be prepared to make an offer immediately. About 4% of the available leases in the Downtown Cleveland are subleases, so you will probably have to focus your search on direct office leases. There aren't many listings below 2,000 square feet posted, so finding a space for a small business might be tough.
Even though the median size is 4,420 sqft, there are still 0 new availabilities below 2,000 sqft. Most properties in this market are approximately 8 floors. Most buildings in this region were built in 1963 and are Class B.
This region is fairly equally mixed residential and commercial. Real estate is the dominant industry in this region. Commute by public transit is the most popular way to get to work amongst Downtown Cleveland residents. Commuting approximately 20 minutes a day is the norm for those who opt to reside in this part of town.