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. 

4.6%

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.

$1.00/sf

Rental rates

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

6.7%

Unemployment rate

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

Drivers

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.

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