Market Statistics
COMMERCIAL MARKET STATISTICS -- MSA¹
| |
Inventory (s.f.) |
Vacant Space (s.f.) |
Vacancy Rate |
Absorption (s.f.) |
| OFFICE |
2,150,000 |
190,000 |
8.8% |
(50,000) |
| INDUSTRIAL |
22,640,000 |
1,105,000 |
4.9% |
425,000 |
COMPARISONS OF SELECTED CITIES AVERAGE
COMMERCIAL/INDUSTRIAL REAL ESTATE COSTS
| |
Means Cost Construction Index |
INDUSTRIAL/WAREHOUSE |
IMPROVED LAND |
CLASS A OFFICE |
| Lease ($/s.f.) 40,000 - 60,000
s.f. |
Sale ($/s.f.) 40,000 - 60,000
s.f. |
Cost per Acre (5 - 10 Acres) |
Lease (Weighted Avg. $/s.f.) |
| |
City |
Suburb |
City |
Suburb |
|
CBD |
Outside |
| Akron, OH |
1.01 |
$3.13 |
$3.13 |
$22.50 |
$25.00 |
$38,333 |
$18.02 |
$18.48 |
| Buffalo, NY |
1.02 |
$3.65 |
$5.30 |
$25.00 |
$29.00 |
$34.848
|
n/a
|
n/a
|
| Chicago, IL |
1.12 |
$3.49 |
$5.19 |
$33.58 |
$45.37 |
$104,544 |
$32.00 |
$28.00 |
| Cleveland, OH |
1.03 |
$2.60 |
$3.05 |
$22.00 |
$35.00 |
$113,256 |
$19.00 |
$18.75 |
| Dayton, OH |
0.93 |
$3.00 |
$3.25 |
$21.00 |
$22.00 |
$65,340 |
$17.95
|
$17.65
|
| Detroit, MI |
1.06 |
$3.25 |
$6.00 |
$5.00 |
$60.00 |
$54,450
|
n/a
|
n/a
|
| Elkhart, IN |
N/a |
$2.00 |
$2.00 |
$11.00 |
$16.00 |
$40,075 |
n/a |
n/a |
| Fort Wayne, IN |
0.93 |
$2.25 |
$3.00 |
n/a |
$18.00 |
$50,094 |
$15.50 |
$17.15 |
| Grand Rapids, MI |
0.85 |
$3.15 |
$3.25 |
$33.00 |
$35.00 |
$76,230 |
$19.50 |
$18.38 |
| Lansing, MI |
0.98 |
$4.50 |
$4.50 |
n/a |
$25.00 |
$54,450 |
$21.80 |
$20.00 |
| Pittsburgh, PA |
1.02 |
$5.00 |
$4.75 |
$40.00 |
$45.00 |
$152,460 |
$23.25 |
$21.85 |
| Syracuse, NY |
0.97 |
n/a |
$2.63 |
n/a |
$18.50 |
$51,400 |
$16.50 |
$16.00 |
| Toledo, OH |
1.01 |
$2.38 |
$3.50 |
n/a |
$33.00 |
$108,900 |
$19.48 |
$19.48 |
| Wilmington, DE |
1 |
n/a |
$4.50 |
n/a |
$44.00 |
$98,010 |
$22.43 |
$24.30 |
| Youngstown-Warren, OH |
0.98 |
$2.16 |
$2.50 |
n/a |
$16.00 |
$8,712 |
$8.00 |
$11.50 |
Source: 1Society of Industrial and Office
Realtors, Comparative Statistics of Industrial & Office Real Estate
Markets, 2004 Guide. 2 Means Building Construction Cost Data, 2003.
Economic Development Home
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Regional Chamber
NE Ohio’s Source for Economic Development
Information and Assistance
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Phone: 330-744-2131 – Fax 330.746.0330
197 West Market Street · Warren, OH 44481-1024
Phone: 330-392-6140 – Fax 330.392.6040
Development@RegionalChamber.com
· www.RegionalChamber.com
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