Cleveland office market reports
Q3 Office Market Report
The impacts of COVID have persisted in the Cleveland office sector as reopening plans continue to get pushed back due to concerns with the Variant stands. The market has seen a decrease in activity as Companies are uncertain of their long-term real estate needs with the increase in remote/hybrid work schedules.
Cleveland’s unemployment rate has rebounded from the height of the pandemic from a high of 21.8 percent to 5.3 percent as of August 2021.
The Greater Cleveland Regional Transit Authority reported a total of 1.3 million ridership for the month of June 2021, up 11% from June of 2020.
Leasing activity has paused, decreasing 46.6 percent when compared with long-term historical averages.
Vacancy increased 120 basis points year-to-date 2021 ending the third quarter of 2021 at 9.3 percent.
Construction activity is expected to increase as the new Sherwin Williams HQ breaks ground on the 1 msf, 36 story premier building downtown.
Office sales activity saw a slight uptick on an annualized rate of 15.5% 2020 to YTD 2021 when compared to the prior five-year average dollar volume invested which can largely be attributed to significant portfolio transactions.
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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.
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