Cleveland industrial real estate market reports
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.
Overall vacancy remains low, recorded at 4.6% at the end of the first quarter of 2022.
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.
Pressure on Rental rates has increased asking rents by approximately $1.00/sf as demand continues across the Cleveland market.
Unemployment in Cleveland is now 6.7% as of March 2022, increasing 20 basis points from the year prior.
Demand within the market has largely been driven by e-commerce, manufacturing, and distribution companies.
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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