Cleveland Office Market
| Average Asking Rent (Price/SF) | $18.56 |
| Vacancy Rate (%) | 17.9% |
| Net Absorption (SF) | 4,570 |
The Greater Cleveland office market’s vacancy remained flat in the second quarter of 2022 as it continued in recovery mode. The market absorbed a modest net positive 4,570 square feet of space and held its vacancy rate at 17.9% for the second quarter in a row. The market year-to-date has accrued positive net 103,669 square feet in absorption. This was the third straight quarter that the market achieved positive absorption after six straight quarters that saw space loss.
Download Cleveland Office Market Report 2Q22Cleveland Industrial Market
| Average Asking Rent (Price/SF) | $5.07 |
| Vacancy Rate (%) | 4.2% |
| Net Absorption (SF) | 743,455 |
The Greater Cleveland industrial market continued to perform solidly in the second quarter of 2022. The market tallied 743,455 square feet of positive net absorption; as a result, the overall vacancy rate decreased by 20 basis points to 4.2%, the lowest in the Cleveland industrial market’s history. Over the last three years, the market’s vacancy rate has been at or under 5% for 11 of the last 13 quarters and for eight consecutive quarters. All but one of the six industrial submarkets posted vacancy gains and 165,006 square feet of new product delivered in the second quarter of 2022.
Download Cleveland Industrial Market Report 2Q22