Cleveland Office Market
| Average Asking Rent (Price/SF) | $18.33 |
| Vacancy Rate (%) | 18.3% |
| Net Absorption (SF) | -118,097 |
Demand for space in the Greater Cleveland office market remained tepid as 2020 transitioned into the first quarter of 2021. After posting nearly 500,000 square feet of negative absorption in fourth-quarter 2020, the office market gave back space in first-quarter 2021 by posting 118,097 square feet of negative net absorption. This negative absorption increased the overall vacancy rate by 40 basis points from the previous quarter to 18.3% for all office properties.
Download Cleveland Office Market Report 1Q21Cleveland Industrial Market
| Average Asking Rent (Price/SF) | $4.43 |
| Vacancy Rate (%) | 4.5% |
| Net Absorption (SF) | 8,797 |
The Greater Cleveland industrial market continued to show signs of health and stability in the first quarter of 2021, as the market achieved a new low 4.5% vacancy rate in first-quarter 2021. This marked a decrease of 10 basis points from fourth-quarter 2020. The market held steady overall with 8,797 square feet of positive absorption in the first quarter, the result of a balance between large spaces that came online and similarly large lease occupations. The market has posted positive absorption for three consecutive quarters and for 16 of the last 21 quarters. In the past quarter, four of the six industrial submarkets posted positive absorption.
Download Cleveland Industrial Market Report 1Q21