Cleveland office market reports

Q2 2023 Office Market Report

The Cleveland office market has been aggressively converting Class C buildings to residential over the past few years which has helped keep overall vacancy down.  The market had a massive shortage of multi-Family units and has since repurposed several large office buildings which has helped keep market fundamentals stable. Overall vacancy increased 20 basis points (bps) from the prior quarter, up to 11.1% at the end of Q2 2023.
1.2 msf

Leasing activity

Leasing activity post covid is averaging 1.2 msf per year, down 50% when compared to the prior 5-year average from 2016-2020.

Sublet vacancy

Sublet vacancy has been on the rise since the start of the pandemic however remains below 1 msf.

Office occupancy

Cleveland started the first half of 2023 with a loss in occupancy representing -1.1% of the total office inventory.
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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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