Cleveland office market reports

Q1 2022 Office Market Report

The Cleveland office market began to see an uptick in activity through the first quarter of 2022. Regional employers continued to navigate return-to-office strategies and encourage hybrid schedules as employee swipe data indicated. However, downtown Cleveland saw favorable signs of future momentum thanks to one law firm’s expansion into Key Tower.

Downtown traffic

Downtown Cleveland has seen a resurgence in demand and traffic as tenant activity underlines the importance of a downtown presence.

23.7%

Office vacancy

Overall office vacancy in Cleveland increased during the first quarter 2022 to 23.7%

Static

Asking rates

Asking rates remain relatively stagnant and landlords are pulling back on concessions.

Cautious

Return-to-work

Return-to-work strategies still vary widely across local companies as key stakeholders take a cautious approach.

Scarce

Investment sales

Investment sales activity in the office sector remained light through Q1 2022.

Short-term

Tenant activity

Short-term leases signed during the height of the pandemic will continue to expire throughout 2022 which is likely to further impact tenant activity.

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Get in-depth office market reports and insights from commercial real estate experts in the Greater Cleveland area. Avison Young advisors look at Cleveland commercial real estate activities and the latest Cleveland statistics to provide you expert market research on Cleveland's office properties.

Explore different topics like the latest office market pricing trends and analysis of Cleveland's current office real estate market conditions. Gain a better understanding of Cleveland'’s office real estate outlook and stay ahead of current office space trends. Make smart decisions when it comes to investing in office properties in Cleveland's competitive office real estate market. Avison Young is your trusted source for commercial real estate office market insights in Cleveland. .

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