Cleveland Office Space

Lease Cleveland Office Space:

Cleveland, the second largest city in Ohio with a population of almost 500,000, is situated in the southern shore of Lake Erie. The city was founded in the year 1796. In the past, the area was well known as a manufacturing hub. The proximity to the canal and railroad lines was an advantage for the manufacturing units. But later when the manufacturing businesses declined, the focus shifted to service economy. By that time, the population started declining at a constant rate. Like any city, renting a Cleveland office space can help a business grow and get much needed commercial exposure.

Cleveland Office Space Vacancy Rates / Pricing:

The city has a diverse economy and does not depend on a single source for revenue. Reports indicate that the office space vacancy rates are dipping mainly due to the recent recession. Currently in 2009 the vacancy rate for commercial units and buildings in Cleveland Ohio is about 18%. The net absorption is going up and the rental rates too show a decrease from the previous rates. The present conditions are very favorable for new business ventures At the moment you can expect to pay about $17 per square foot to rent an office or suite in Cleveland. Those prices are similar to the other major cities in Ohio like Cincinnati and Columbus.

Cleveland Commercial Property and History:

Cleveland, Ohio has been regarded as the most viable city in the United States. But the sad fact is that the city is facing severe financial difficulties. Many places in the city face sheer poverty and many have been deprived of quality education. Student population was on the rise in public schools, but the schools faced severe financial crisis. Cleveland office spaces in Ohio have many reasons to be proud of their architecture. The government and civic buildings are built according to a group plan and hence, follow a similar architecture. The Terminal Tower, Key Tower and BP Building are the popular skyscrapers in the city. Another example of the city’s great architecture is the five-story arcade known as “The Arcade”. The other important structures include the Old Stone Church and St. Theodosius Russian Orthodox Cathedral. Learn more about Cleveland here.

Downtown Cleveland and Local Landmarks:

Euclid Avenue in Cleveland, Ohio runs east through the University Circle and is reckoned as one of the most beautiful streets in the country. The city owns four parks as a part of the Cleveland Metroparks System. Even though the city initially emerged as a manufacturing center, Cleveland, Ohio was soon struggling due to the stagnant market. Many corporate headquarters located in Cleveland have been lost due to acquisitions and mergers. Now, at least, the city can be proud of its health care industry. The Cleveland Clinic is one of the most well known hospitals in the country and provides employment to a lot of people in the local area and it seems that now the city is keener on biotechnology and fuel cell research. The major airport in Cleveland, Ohio is the Cleveland Hopkins International Airport. Apart from that, The Burke Lakefront Airport in the downtown area functions as a business airport. Situated at the Cuyahoga river’s mouth is the Port of Cleveland, through which the manufacturing supplies were transported initially. The city has numerous freight railroad terminals and inter-city bus services are also available..