Cleveland industrial real estate market reports

Q1 2022

The Cleveland industrial market continued to see robust activity throughout the first quarter of 2022.  With limited availability of large blocks of space, the Cleveland market could be on the verge of a spike in new development in efforts to keep up with the demand. 


Vacancy rate

Overall vacancy remains low, recorded at 4.6% at the end of the first quarter of 2022.

Big blocks

Limited availability

With limited availability of large blocks of space over 100,000 sf the Cleveland industrial market might be on the verge of a spike in new development as activity remains robust.


Rental rates

Pressure on Rental rates has increased asking rents by approximately $1.00/sf as demand continues across the Cleveland market.


Unemployment rate

Unemployment in Cleveland is now 6.7% as of March 2022, increasing 20 basis points from the year prior.


Market activity

Demand within the market has largely been driven by e-commerce, manufacturing, and distribution companies.

2 msf

New construction

There is currently 2 msf of new industrial space under construction at the end of the first quarter of 2022, with most of the space being build-to-suit projects.

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