Cleveland Office Market
Total leasing was 250,162 SF in the second quarter of 2024, the second lowest quarterly total in the last 16-plus years. The Cleveland office market absorbed 92,328 SF in the second quarter of 2024, after a first quarter total of negative 191,467 SF. The market still shows negative absorption for the year thus far and has experienced negative absorption in six of the past 10 quarters and annually in the past four years. The second quarter’s vacancy rate decreased to 23.2%, down 20 basis points from the first quarter. The year-to-date vacancy rate for 2024 stands at 23.3% after two quarters. The Cleveland office market’s average asking rental rate decreased slightly by $0.04/SF from the first quarter of 2024 to $19.95/SF in the second quarter of 2024.
Download Cleveland Office Market Report 2Q24Cleveland Industrial Market
The Cleveland industrial market tallied 879,971 SF of positive absorption in the second quarter. As a result, vacancy decreased by 30 basis points to 4.0% from 4.3% in the previous quarter. Just 72,000 SF of new product delivered.