Cleveland Office Market
| Average Asking Rent (Price/SF) | $18.36 |
| Vacancy Rate (%) | 19.5% |
| Net Absorption (SF) | -58,849 |
Conditions in the Greater Cleveland office market showed signs of stabilizing in the third quarter of 2021, as the market gave back 58,849 square feet of space. This amount of negative absorption was the lowest of the last four quarters, which all saw larger amounts of space loss. The Cleveland office market has given back 565,421 square feet in negative absorption in 2021 so far.
Download Cleveland Office Market Report 3Q21Cleveland Industrial Market
| Average Asking Rent (Price/SF) | $4.44 |
| Vacancy Rate (%) | 4.9% |
| Net Absorption (SF) | 474,134 |
The Greater Cleveland industrial market rebounded from its second-quarter setback, as the third quarter of 2021 saw the vacancy rate remain flat at 4.9%. The market’s vacancy rate has stayed under 5.0% for five consecutive quarters and nine of the last 11. Property sales were solid once again, and lease demand and occupations improved, with 474,134 square feet of positive absorption. This brought the industrial year-to-date absorption closer to the positive, having finished the third quarter at negative 45,976 square feet for the first three quarters in total.