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Cleveland Market Reports

Cleveland Office Market

Average Asking Rent (Price/SF) $18.26
Vacancy Rate (%) 16.4%
Net Absorption (SF) -33,348

The Greater Cleveland office market closed 2017 on a solid footing, despite giving back 33,348 square feet in negative absorption after netting four straight quarters of positive absorption. This small amount of negative absorption in the fourth quarter helped increase the overall vacancy rate slightly to 16.4%, an uptick of 20 basis points from the third quarter and the first vacancy rate increase since the third quarter of 2016. However, the market absorbed a total of 345,830 square feet over the course of the year, as demand for office space was still above the historical average. This is evidenced by the increase in overall average asking rent, up $0.12/SF over the fourth quarter to $18.26/SF, and in annual net absorption, which far exceeded 2016's net absorption of 18,841 square feet and eclipsed 2015's final tally of 331,815 square feet. The Central Business District (CBD) and some key pockets of the East and South submarkets generally helped boost demand through rising Class A asking rents and the progress of new construction.

Cleveland Industrial Market

Average Asking Rent (Price/SF) $4.16
Vacancy Rate (%) 6.5%
Net Absorption (SF) -101,736

The fourth quarter of 2017 saw the Greater Cleveland industrial market take a small step back from the prior quarter's large tenancy gain. Tenants gave back 101,736 square feet in the fourth quarter, bringing the final 2017 absorption number to net positive 764,195 square feet. As a result, overall vacancy increased slightly by 10 basis points from the third quarter to 6.5%, marking a departure from a record low in the industry. Despite this increase in vacancy, the market remained healthy overall and showed no meaningful signs of reversing course. In fact, year-over-year vacancy declined 20 basis points.

Cleveland Office Market Report
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Cleveland Industrial Market Report
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