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.
Economic Conditions
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.
Recovery Rate
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.
Office Demand
Leasing activity has paused, decreasing 46.6 percent when compared with long-term historical averages.
Office Supply
Vacancy increased 120 basis points year-to-date 2021 ending the third quarter of 2021 at 9.3 percent.
Pipeline
Construction activity is expected to increase as the new Sherwin Williams HQ breaks ground on the 1 msf, 36 story premier building downtown.
Capital Markets
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.
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. .