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Cleveland Market Reports

Cleveland Office Market

Average Asking Rent (Price/SF) $17.70
Vacancy Rate (%) 16.6%
Net Absorption (SF) (50,490)

Conditions in the Greater Cleveland office market held steady during the second quarter of 2018, despite 50,490 square feet of negative net absorption. Total absorption for the first half of the year remained in positive territory with 7,887 square feet. The East was the only submarket to post positive net absorption in the second quarter, netting 16,198 square feet in rebounding from the largest tally of negative absorption of any submarket in the first quarter.


Cleveland Industrial Market

Average Asking Rent (Price/SF) $4.29
Vacancy Rate (%) 5.9%
Net Absorption (SF) -245,778

Despite an overall negative tenancy return, the Greater Cleveland industrial market continued to show signs of activity and stability in the second quarter of 2018. The market gave back 245,778 square feet, yet the overall vacancy rate remained under 6.0% for the third consecutive quarter, coming in at 5.9%, 10 basis points higher than last quarter. Four out of the six industrial submarkets posted vacancy gains and negative absorption. However, the market's vacancy has increasingly become tighter over the past five years, having dropped by 2.7% from 8.6% in second-quarter 2013. In fact, the graph to the right illustrates how, after peaking at 12.6% in the first quarter of 2011, industrial vacancy has declined slowly yet steadily in subsequent quarters.



Cleveland Office Market Report
2Q18
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Cleveland Industrial Market Report
2Q18
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