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Cleveland Market Reports

Cleveland Office Market

Average Asking Rent (Price/SF) $17.67
Vacancy Rate (%) 16.1%
Net Absorption (SF) 10,458

The Greater Cleveland office market started 2018 on solid footing, as a modest amount of net positive absorption during the first quarter resulted in a decrease of the overall vacancy rate to 16.1%, a drop of 60 basis points from the fourth quarter of 2017. This marked the inventory's lowest number since the second quarter of 2001, when the vacancy rate stood at 16.0%. The market absorbed a total of 10,458 square feet in the first quarter of 2018, with very high demand for office space in the Central Business District offsetting the suburban submarkets' negative absorption. However, this positive absorption did not translate into higher overall average asking rent, which dipped by $0.54/SF since fourth-quarter 2017 to $17.67/SF. In fact, Class B asking rental rates decreased in all of the submarkets, except for the Central Business District and the West. However, Class A properties within the CBD and East submarkets kept the overall market steady, as evidenced by rising asking rents and positive absorption in those sectors. With the anticipated delivery of new inventory in the East and CBD later this year, signs point to a normalized and solid market as 2018 continues.

Cleveland Industrial Market

Average Asking Rent (Price/SF) $4.34
Vacancy Rate (%) 5.8%
Net Absorption (SF) -96,545

The Greater Cleveland industrial market gave back 96,545 square feet in the first quarter of 2018, the market's fourth consecutive quarter of negative absorption after 18 consecutive quarters in the positive. The first-quarter vacancy rate was not affected, however, as it remained at a historic low 5.8%. Despite the recent negative absorption, the industrial market remained vibrant. In fact, there was far more demand than space available: In the last two years alone, the vacancy rate has declined 110 basis points from 6.9% in the first quarter of 2016. This decrease came despite nearly 1.3 million square feet of new product delivering since 2016, 135,000 square feet of which came online this past quarter. Coupled with nearly 2.0 million square feet of construction that is underway, this further confirmed the demand for quality industrial space in Greater Cleveland.

Cleveland Office Market Report
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Cleveland Industrial Market Report
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