Cleveland industrial market report

Q3 2022

The Cleveland industrial market remained stable throughout the third quarter of 2022 with steady leasing activity, continued development alongside new tenants entering the market.  Overall vacancy decreased 20 basis points (bps) from the prior quarter, down to 4.5% at the end of the third quarter 2022. Net absorption year-to-date totaled 1.1 million square feet (msf), another strong indicator of the overall health of the market.
7.1

Inventory

Record-breaking construction activity within the Cleveland market, currently 7.1 msf is under development.
1.1 msf

Net absorption

Year-to-date a total 1.1 msf has been absorbed within the market, a strong indicator of the overall health of the market.
Stable

Asking rents

Pricing has remained stable throughout 2022 with new product ranging between $6.75 -$7.50/sf NNN. 
23.7 msf

Availabilities

Total availabilities within the Cleveland market increased 12% year-over-year with a total of 23.7 msf of inventory.
4.5%

Vacancy

Overall vacancy decreased 20 basis points from the prior quarter, down to 4.5%.
$376 M

Investment sales

Year-to-date the Cleveland industrial market has seen $376 million in investment sales.
Download Cleveland industrial market report

Your source for the latest Cleveland industrial real estate reports

Stay on top of current trends affecting the industrial real estate sector in Cleveland. Gain an overall better understanding of Cleveland's industrial real estate market conditions, so you can better formulate strategies to overcome any obstacle and know how to best invest in industrial real estate in Cleveland.

Here, you’ll always find the latest industrial real estate market news so you can stay ahead. Come back often to see expert insights on the current and future of Cleveland industrial real estate market.

Get the latest Cleveland industrial market reports right in your inbox