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 Cleveland has seen a resurgence in demand and traffic as tenant activity underlines the importance of a downtown presence.
Overall office vacancy in Cleveland increased during the first quarter 2022 to 23.7%
Asking rates remain relatively stagnant and landlords are pulling back on concessions.
Return-to-work strategies still vary widely across local companies as key stakeholders take a cautious approach.
Investment sales activity in the office sector remained light through Q1 2022.
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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