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Cleveland Market Reports

Cleveland Office Market

Average Asking Rent (Price/SF) $18.06
Vacancy Rate (%) 16.4%
Net Absorption (SF) 29,592

Conditions in the Greater Cleveland office market continued to tighten during the second quarter of 2017, as 29,592 square feet of positive net absorption was posted, bringing total absorption for the first half of the year to 305,549 square feet. Despite experiencing some activity by way of property sales and new construction, the Central Business District (CBD) and the East submarket were the only two submarkets to not post positive net absorption in the second quarter.

Cleveland Industrial Market

Average Asking Rent (Price/SF) $4.25
Vacancy Rate (%) 6.5%
Net Absorption (SF) -43,802

Despite an overall negative tenancy return, the Greater Cleveland industrial market continued to show signs of activity and stability in the second quarter of 2017. The market gave back 43,802 square feet and snapped its 18-quarter positive tenancy gain streak, posting negative net absorption for the first time since the third quarter of 2012. However, the overall vacancy rate held steady at 6.5%, which remained the market's lowest vacancy since NGKF began its current methodology of tracking industrial real estate statistics. In fact, the market's vacancy has dropped significantly in five years, by 4.5% from 11.0% in second-quarter 2012.

Cleveland Office Market Report
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Cleveland Industrial Market Report
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