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Cleveland Market Reports

Cleveland Office Market

Average Asking Rent (Price/SF) $18.07
Vacancy Rate (%) 16.4%
Net Absorption (SF) 211,506

History repeated itself for the third year in a row during the third quarter of 2018, as a handful of prominent Central Business District (CBD) office buildings were involved in various stages of ownership transfers. Four CBD buildings were sold in the third quarter of 2016. The following year, more than a half-dozen CBD buildings either changed hands or became available to purchase. This quarter, another half-dozen or so CBD office properties and proposed projects figured heavily in the news.


Cleveland Industrial Market

Average Asking Rent (Price/SF) $4.20
Vacancy Rate (%) 5.9%
Net Absorption (SF) 1,197,172

The third quarter of 2018 saw the Greater Cleveland industrial market absorb 1,197,172 square feet, bringing year-to-date net absorption to positive 1,227,579 square feet. Overall vacancy remained flat from the second quarter at 5.9%, staying below 6.0% for the fourth consecutive quarter. The overall market's vacancy has contracted by 270 basis points (2.7%) from 8.6% over the past five years and by 50 basis points (0.50%) from 6.4% over the past year.



Cleveland Office Market Report
3Q18
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Cleveland Industrial Market Report
3Q18
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