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Cleveland Market Reports

Cleveland Office Market

Average Asking Rent (Price/SF) $18.44
Vacancy Rate (%) 16.8%
Net Absorption (SF) (25,415)

Conditions in the Greater Cleveland office market held steady during the second quarter of 2019, despite 25,415 square feet of negative net absorption. Total absorption for the first half of the year remained in negative territory with a loss of 187,870 square feet.


Cleveland Industrial Market

Average Asking Rent (Price/SF) $4.73
Vacancy Rate (%) 5.3%
Net Absorption (SF) 745,770

The Greater Cleveland industrial market continued to show signs of health and stability in the second quarter of 2019. The market tallied 745,770 square feet of positive net absorption, yet the overall vacancy rate rose slightly by 10 basis points to 5.3%. This was the industrial market's fifth consecutive quarter with positive absorption, and the market remained under 6.0% for the seventh consecutive quarter. Half of the six industrial submarkets posted vacancy gains and negative absorption, while the other half posted big positive absorption numbers that helped to offset the negative. However, the market's vacancy increase, despite posting positive absorption, was due to 1,092,000 square feet in new product delivering that had a slightly higher vacancy than the overall market. These new product deliveries indicate a healthy market, even though the properties were not fully leased upon completion.



Cleveland Office Market Report
2Q19
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Cleveland Industrial Market Report
2Q19
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