On average, listings lease in the $20's per square foot per year. The Downtown Cleveland region is experiencing a a boost in rates. In the last 3 months, the median rate went up $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 more expensive rates, and you'll have to negotiate above asking rent to be in this hot submarket.
In the last 90 days, 45 listings have been made available, so you'll want to check back regularly for new listings. About 2% of the available space in the Downtown Cleveland are subleases, so you will probably have to consider a longer term lease. There aren't many listings below 2,000 square feet available, so finding a space for a small business might be tough.
Even though the median size is 4,930 sqft, there are still 0 new availabilities below 2,000 sqft. Most buildings in this area are close to 8 stories. Most buildings in this region were built in 1963 and are Class B.
This market is fairly equally mixed residential and commercial. Real estate is the dominant industry in this area. Commute by public transit is the most popular way to get to work amongst Downtown Cleveland folk. Commuting approximately 20 minutes a day is the norm for those who opt to reside in this part of town.