Cleveland Office Market
| Average Asking Rent (Price/SF) | $18.15 |
| Vacancy Rate (%) | 19.3% |
| Net Absorption (SF) | -365,916 |
Conditions in the Greater Cleveland office market were uninspiring during the second quarter of 2021, precipitated by 365,916 square feet of negative net absorption. Total absorption remained in negative territory for the year, with an overall loss of 502,948 square feet from the first two quarters of 2021.
Download Cleveland Office Market Report 2Q21Cleveland Industrial Market
| Average Asking Rent (Price/SF) | $4.45 |
| Vacancy Rate (%) | 4.9% |
| Net Absorption (SF) | -814,115 |
The Greater Cleveland industrial market took a small step back in the second quarter of 2021 as the market’s vacancy rate crept up to 4.9%, an increase of 30 basis points. The market’s vacancy rate has stayed under 5.0% for three consecutive quarters. In all, vacancy has been below 5.0% for four total quarters in the last 20 years. Property sales were solid, but lease demand this past quarter was lukewarm, as lease occupations didn’t outweigh the loss of space, with 814,115 square feet of negative absorption. A major factor was an increase in lower class vacant owner/user sales that came to market, as well as older buildings that gave up space. The negative absorption is likely a short-term setback, as interest in industrial assets remains high, especially for the Class A warehouse/distribution sector of the market, which was solid this past quarter and remains very strong at a 3.8% vacancy rate.
Download Cleveland Industrial Market Report 2Q21