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Cleveland Market Reports

Cleveland Office Market

Average Asking Rent (Price/SF) $17.97
Vacancy Rate (%) 15.8%
Net Absorption (SF) 121,117

The Greater Cleveland office market closed 2018 on solid footing after generating 121,117 square feet of positive absorption, having netted two straight quarters and eight of the last nine quarters in the positive. This development helped decrease the overall vacancy rate to 15.8% in the fourth quarter, a drop of 60 basis points from the third quarter, and represented the lowest vacancy rate in 17-plus years since third-quarter 2001's 15.6% vacancy rate. Furthermore, the market absorbed a total of 340,510 square feet over the course of 2018, the largest yearly tally in five years (fourth-quarter 2013 netted 899,862 square feet in the positive), as demand for office space remained steady. Despite the vacancy dip and positive absorption, the overall average asking rent dropped slightly by $0.10/SF over the fourth quarter, to $17.97/SF. Nonetheless, rental rates have hovered around $18.00/SF for a little more than two years.


Cleveland Industrial Market

Average Asking Rent (Price/SF) $4.24
Vacancy Rate (%) 5.8%
Net Absorption (SF) 728,647

The fourth quarter of 2018 saw the Greater Cleveland industrial market post positive absorption for the third quarter in a row, with a tally of 728,647 square feet in the affirmative. As a result, overall vacancy decreased slightly by 10 basis points from the third quarter to 5.8%, which brought the market right back to where it started in the first quarter. In fact, tenants taking substantive amounts of space this year brought the final 2018 absorption number to net positive 1,956,226 square feet, a healthy rebound from 2017's less-than-robust 234,374 square feet. The market remained healthy all year long and showed no meaningful signs of reversing course, despite the vacancy trend line flattening out over recent quarters as opposed to a steady decline from 2011 to 2016.



Cleveland Office Market Report
4Q18
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Cleveland Industrial Market Report
4Q18
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