Cleveland Office Market
| Average Asking Rent (Price/SF) | $18.82 |
| Vacancy Rate (%) | 19.8% |
| Net Absorption (SF) | -606,389 |
The Greater Cleveland office market’s vacancy increased in the fourth quarter of 2022, with leasing and occupation continuing to slow as the year came to a close. The market gave back negative 606,389 square feet of space in the fourth quarter of 2022, the largest negative absorption total in 20 years, which prompted the vacancy rate to jump to 19.8% from an 18.2% mark in the prior quarter.
Download Cleveland Office Market Report 4Q22Cleveland Industrial Market
| Average Asking Rent (Price/SF) | $4.99 |
| Vacancy Rate (%) | 4.2% |
| Net Absorption (SF) | 804,819 |
The Greater Cleveland industrial market continued to show signs of stability in the fourth quarter of 2022. The market tallied 804,819 square feet of positive net absorption. Despite the positive absorption, the overall vacancy rate stayed flat at 4.2% as the market was affected by an influx of new product that delivered. This was the industrial market’s sixth consecutive quarter with positive absorption and the ninth out of the last 10 quarters to absorb space.
Download Cleveland Industrial Market Report 4Q22