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Cleveland Market Reports

Cleveland Office Market

Average Asking Rent (Price/SF) $18.34
Vacancy Rate (%) 16.7%
Net Absorption (SF)  243,535

The Greater Cleveland office market closed 2019 on solid footing by generating 243,535 square feet of positive absorption in the fourth quarter, after netting three straight quarters in the negative. In fact, all five office submarkets posted positive absorption this past quarter, which helped decrease the overall vacancy rate to 16.7% in the fourth quarter, a drop of 60 basis points from the third quarter.

Cleveland Industrial Market

Average Asking Rent (Price/SF) $4.79
Vacancy Rate (%) 5.4%
Net Absorption (SF) (79,867)

The fourth quarter of 2019 saw the Greater Cleveland industrial market take a small step back from the prior quarter's tenancy gain. Tenants gave back a modest 79,867 square feet in the fourth quarter, bringing the final 2019 absorption number to net positive 1,039,104 square feet. Overall vacancy stayed flat from the third quarter to this past quarter, hovering at 5.4%. This was the fourth quarter in a row where vacancy remained under 5.5% and the ninth quarter in a row where vacancy was below 6.0%. Industrial demand has shown a softening nationally, but after six previous quarters in the positive and despite some negative absorption this past quarter, the Cleveland market remained reasonably healthy overall and showed no meaningful signs of reversing course. In fact, year-over-year vacancy declined 20 basis points and was steady in 2019.

Cleveland Office Market Report
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Cleveland Industrial Market Report
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