Cleveland Office Market
| Average Asking Rent (Price/SF) | $18.36 |
| Vacancy Rate (%) | 17.9% |
| Net Absorption (SF) | 96,114 |
The Greater Cleveland office market entered into normalization mode in the first quarter of 2022, as the market absorbed 96,114 square feet of space. This was the second straight quarter that the market achieved positive absorption after six straight quarters that saw space loss.
Download Cleveland Office Market Report 1Q22Cleveland Industrial Market
| Average Asking Rent (Price/SF) | $4.95 |
| Vacancy Rate (%) | 4.4% |
| Net Absorption (SF) | 1,787,959 |
The Greater Cleveland industrial market cemented its pandemic resilience with stability in the first quarter of 2022. The market tallied 1.79 million square feet of positive net absorption, the result of many factors, including lease occupations from previous quarter signings, as well as some owner/user sales that prompted occupation. As a result, the overall vacancy rate decreased by 40 basis points to 4.4%, the lowest mark (tied with the first quarter of 2021) in decades. This was the industrial market’s third consecutive quarter with positive absorption and the sixth out of the last seven quarters to absorb space.
Download Cleveland Industrial Market Report 1Q22