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Cleveland Market Reports

Cleveland Office Market

Average Asking Rent (Price/SF) $18.14
Vacancy Rate (%) 16.2%
Net Absorption (SF) 155,715

History repeated itself in the third quarter of 2017, as a number of prominent Cleveland area office buildings came onto the market or were sold as the second half of 2017 began. Similarly, four Central Business District (CBD) buildings were sold at this time last year. This time around, the CBD saw over a half-dozen buildings that either transferred ownership or surfaced as being available to purchase. In addition, the East submarket made headlines with sales of a handful of well-known office buildings.


Cleveland CBD Office Market

Average Asking Rent (Price/SF)    $18.90
Vacancy Rate (%)      19.5%
Net Absorption (SF) 110,889

Cleveland's Central Business District (CBD) continues to show signs of vitality, as a number of factors not only fuel the tightening of vacancy, but also an increase in the average asking rental rate across all classes of office properties.

Cleveland Industrial Market

Average Asking Rent (Price/SF) $4.27
Vacancy Rate (%) 6.4%
Net Absorption (SF) 140,592

The third quarter of 2017 saw the Greater Cleveland market bounce back from the prior quarter's negative tenancy return, which had snapped an 18-quarter streak of positive tenancy gains. Tenants absorbed 140,592 square feet in the third quarter, bringing year-to-date absorption to net positive 865,931 square feet. Consequently, overall vacancy dropped by 10 basis points from the second quarter to 6.4%, a new record low for the market. The market's vacancy has contracted by nearly 4.0% from 10.3% in the third quarter of 2012.



Cleveland Office Market Report
3Q17
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Cleveland CBD Office Report
3Q17
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Cleveland Industrial Market Report
3Q17
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