Office Market Potential

Shaker West Professional Building 11811 Shaker Blvd. 13114 Larchmere Boulevard

Source: LoopNet

The available building with the highest advertised rent in the Study Area is the Yosemite Enterprise Building, located 11201 Shaker Boulevard. With 10,000 SF available, listed rent ranges from $17.00 to $21.00 per SF for a full-service lease. Other office space availability can be found at the Shaker West Professional Building at 11811 Shaker Boulevard, where rents range from $14.00 to $17.00 for 6,500 SF (full-service lease); and 13114 Larchmere Boulevard, where 3,500 SF of space is available

Office Market Potential The limited advertised office/commercial space for rent in and around the Buckeye neighborhood indicates that the supply for such space is low, a condition that is fairly common for a mostly residential area. At the same time, there are pockets of office/commercial activity with available space in the area, some of which has been available for several months. Because of this surplus, demand appears to be lacking in the area for office space. Due to these market conditions, speculative traditional office space without a dedicated tenant does not appear to be a viable use within the Study Area.

Alternatively, co-working is a growing movement, particularly in the age of COVID-19 when workers have become used to working outside the traditional office. Co-working spaces in residential neighborhoods has proven popular as an alternative to working from home. Industry experts expect this trend to continue post-COVID. The existing market for this type of work environment in the Cleveland area has demonstrated its viability for several years. Therefore, it appears that a co-working facility in Buckeye could be a potential commercial opportunity, particularly with its proximity to housing, commercial amenities, and the region’s transportation network.