Published by GLD Commercial | Cedar Rapids Commercial Real Estate
Finding Class A office space in a competitive market is hard enough. Finding one that’s fully furnished, skywalk-connected, utilities-included, and ready for employees on day one? That’s a different conversation entirely, and it’s exactly what’s available right now at 118 2nd Ave. SE in downtown Cedar Rapids.
Whether you’re a growing company looking to plant your flag in Iowa’s second-largest city, a regional headquarters seeking a professional downtown address, or a business relocating from a suburban park, this opportunity deserves a serious look before someone else takes the keys.
What’s Actually Available at 118 2nd Ave. SE
Located in the heart of downtown Cedar Rapids, 118 2nd Ave SE offers 16,360 to 32,720 square feet of Class A office space across the building’s 4th and 5th floors. Each floor is 16,360 SF and can be leased independently or together with demising options available for organizations that need a custom footprint.
The building itself is an 82,144 SF landmark built in 1923 and zoned Urban Downtown Core, sitting at one of the most connected addresses in the city. It was designed to impress and built to last.
Key specs at a glance:
- Available space: 16,360 – 32,720 SF
- Lease rate: $15.95/SF/year (NNN)
- Operating expenses: $7.50/SF (inclusive of utilities and janitorial)
- All-in occupancy cost: approximately $23.45/SF/year
- Lease term: Negotiable
- Availability: Immediate
Why $23.45/SF All-In Is a Stronger Number Than It Looks
On paper, $15.95/SF NNN is already competitive for Class A downtown space. But the real story is the all-in number and what it includes.
The $7.50/SF operating expense estimate covers both utilities and janitorial services. That’s not typical. Most NNN leases pass utilities directly to the tenant as a separate line item, adding unpredictability to monthly costs. Here, those expenses are bundled and estimated up front, making budgeting straightforward from day one.
When you factor in the operating expenses, the total occupancy cost lands at approximately $23.45/SF/year all-in, a figure that holds up well against comparable Class A offerings across the Cedar Rapids market.
The Plug-and-Play Advantage: Up to $1 Million in Avoided Costs
Here’s the number that most flyers don’t show you. For a typical 16,360 SF office relocation, a company can expect to spend:
- $400,000 – $800,000 on furniture and workstations
- $50,000 – $120,000 on interior design and FF&E fees
- $30,000 – $80,000 on IT infrastructure and cabling
- $15,000 – $40,000 on move coordination and logistics
That’s $495,000 to over $1 million in upfront capital before a single employee shows up for work, and that’s before accounting for productivity loss during the transition.
At 118 2nd Ave SE, that math looks completely different. The 4th and 5th floors were designed by Solum Lang Architects and finished to a sophisticated, professional standard. Existing office furniture is available for tenant use, the IT infrastructure is already in place, and the space is genuinely move-in ready.
For the right tenant, the plug-and-play advantage at this property effectively reduces first-year occupancy costs by 30-50% compared with a conventional Class A relocation. That’s real capital that stays in your business.
Skywalk-Connected: A Bigger Deal Than It Sounds
Cedar Rapids winters are real. The city’s enclosed downtown skywalk system is one of its most underappreciated infrastructure assets — and 118 2nd Ave SE is directly connected to it.
What does that mean in practice? Your employees can walk from the parking ramp to their desk, grab lunch at Need Pizza or Cobble Hill, walk to a client meeting at Hills Bank, and be back without ever putting on a coat. For employers competing for professional talent, that’s a genuine quality-of-life differentiator that’s hard to put a dollar figure on, but employees notice.
Skywalk-accessible destinations from 118 2nd Ave SE include:
- Adjacent parking ramp — direct connection
- DoubleTree by Hilton — 3 minutes
- Hills Bank and Trust — 2 minutes
- Need Pizza — 2 minutes
- Cobble Hill — 3 minutes
- Paramount Theatre — 4 minutes
- Theatre Cedar Rapids — 3 minutes
For visiting clients and out-of-town colleagues, the proximity to the DoubleTree is particularly valuable — a hotel, meeting venue, and dining destination all reachable without stepping outside.
A Building With Presence — and Parking to Match
The exterior of 118 2nd Ave SE makes a statement. With its glass curtain wall, modern facade treatment, and prominent downtown footprint, it’s a building that signals credibility from the curb. The covered skywalk bridge connecting to the adjacent parking ramp is visible from the street and reinforces the property’s commitment to tenant convenience.
Inside, the 4th and 5th floors present very differently from one another — offering two distinct aesthetic environments within the same building.
The 4th floor features a more traditional, wood-panel executive finish with built-in AV in the boardroom, private offices with glass fronts, open-plan workstation areas, and a full break room with appliances.
The 5th floor takes a bolder, more contemporary direction — globe pendant lighting, bold accent walls with branded typography, a large collaborative kitchen/lounge area, and multiple sized conference rooms.
Each floor is accessible via a private elevator with a secure lobby entrance, ensuring privacy for your team and a professional first impression for every guest.
Who This Space Is Built For
The configuration and scale of 118 2nd Ave SE makes it particularly well-suited for:
- Insurance and financial services firms — the building’s heritage as a United Fire & Casualty home gives it an established professional pedigree, and the floor layouts reflect how financial services teams actually work.
- Regional headquarters operations — two full floors with independent access and the option to take both means a company can grow into the space without relocating. Take one floor now, expand to the second when ready.
- Healthcare-adjacent organizations — Mercy Medical Center, MercyCare, and UnityPoint Health are all within walking distance. Companies in health insurance, medical billing, healthcare technology, or benefits administration will find the location strategically useful.
- Professional services firms — law firms, accounting practices, consultancies, and other client-facing businesses will appreciate the Class A finish, skywalk access for client visits, and the proximity to Cedar Rapids’ civic and financial core.
- Government and quasi-government agencies — downtown location, transit access, and the secured lobby make this a natural fit for public-sector or nonprofit tenants seeking a professional address.
Cedar Rapids: A Market Worth Betting On
If you’re considering this space as part of a relocation or expansion decision, the Cedar Rapids market context matters — and it’s compelling.
The Cedar Rapids metro area is home to over 185,000 people and hosts two dozen Fortune 500 companies. Major employers include Collins Aerospace, Transamerica Life Insurance, UnityPoint Health – St. Luke’s Hospital, Hy-Vee Food Stores, and Mercy Medical Center.
The city has earned a string of national recognitions that reflect its underlying quality of life and economic stability:
- #1 Best Place in America to Raise a Child — SmartAsset, 2015-2020
- #2 Most Recession Resistant City — SmartAsset, 2020
- #4 Best American City to Work in Tech — SmartAsset, 2019
- #10 Best Cities to Buy a House in America — Niche.com, 2022
The Eastern Iowa Airport (CID) offers nonstop commercial service to 17 destinations and is ranked in the Top 10 airports in the seven-state Midwestern region by number of nonstop destinations and daily flights — making Cedar Rapids genuinely accessible for regional and national business travel.
Within 3 miles of 118 2nd Ave SE, the average household income is $84,580 and the estimated total population is 75,088, with 32,597 households. It’s a stable, professional workforce base with real purchasing power.
The Bottom Line on 118 2nd Ave. SE
This is a rare alignment of location, finish quality, move-in readiness, and value. For the right tenant, it solves multiple problems simultaneously: it’s in the right part of town, it’s ready immediately, and it eliminates the capital outlay and operational disruption that makes most office moves so painful.
The space won’t stay available indefinitely. Class A downtown offerings at this size, in this condition, at this price point don’t last.
Why Partner with GLD Commercial on 118 2nd Ave SE
Class A office space like 118 2nd Ave SE demands more than just keys, tenants need proven local expertise to maximize value and minimize risk. GLD Commercial delivers that as Cedar Rapids’ dedicated commercial real estate brokerage, with deep market knowledge of downtown dynamics, lease structures, and tenant representation across Eastern Iowa.
GLD Commercial goes beyond listings by providing data-backed site selection, custom financial modeling, and negotiation support tailored to growing businesses, financial services, healthcare-adjacent firms, and regional HQs, precisely the profiles that fit these floors. Working with GLD means access to comparable market data, skywalk-adjacent parking solutions, and demising flexibility that turns a strong listing into the right strategic move.
Two move-in ready floors (16,360 SF each) on levels 4 & 5, available individually or combined up to 32,720 SF. Fully furnished with professional build-out by Solum Lang Architects, secure lobby, and skywalk connection.
$15.95/SF/year (NNN) plus $7.50/SF operating expenses covering utilities and janitorial, for approximately $23.45/SF all-in-competitive for Class A downtown space with furniture included.
Yes, direct skywalk access to parking ramp, DoubleTree Hilton, Hills Bank, Need Pizza, Cobble Hill, Paramount Theatre, and Cedar Rapids civic core, eliminating winter weather impact.
Completely. Both feature existing furniture, IT infrastructure, private offices, kitchens, showers, and conference rooms. The 4th floor offers a traditional executive finish while the 5th floor delivers a contemporary collaborative design.
Skywalk-connected to an adjacent ramp with covered bridge access. Additional street/municipal options nearby, structured to support professional tenant needs without surface lot dependency.
Local Cedar Rapids brokerage specializing in tenant representation, site selection, market analysis, and lease negotiation for commercial office space, ensuring best terms on pricing, expansion rights, and operating expenses.