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Cleveland Market Reports

Cleveland Office Market

Average Asking Rent (Price/SF) $18.48
Vacancy Rate (%) 16.7%
Net Absorption (SF) -162,445

Conditions in the Greater Cleveland office market held steady during the first quarter of 2019, despite 162,455 square feet of negative net absorption. The overall negative absorption increased the market's vacancy rate by 70 basis points from the prior quarter to 16.7% for all office properties. However, the average asking rental rate climbed back up across the Greater Cleveland office market, finishing the first quarter at $18.48/SF for all classes, up $0.48/SF from the first quarter.

Cleveland Industrial Market

Average Asking Rent (Price/SF) $4.74
Vacancy Rate (%) 5.2%
Net Absorption (SF) 215,991

The Greater Cleveland industrial market achieved a historically low 5.2% vacancy rate in the first quarter of 2019, nearly half the market's 10.1% vacancy rate of 10 years ago. This marked a decrease of 40 basis points from the fourth quarter of 2018. Helping the market reach this milestone was 215,991 square feet of positive absorption in the first quarter, the fourth consecutive quarter of positive absorption after a rare four consecutive quarters in the negative, from second quarter 2017 to first quarter 2018. In fact, in the 37 quarters since the start of 2010, only seven quarters have accumulated negative absorption. Industrial assets have been very consistent.

Cleveland Office Market Report
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Cleveland Industrial Market Report
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