Cleveland office market reports
Q2 2022 Office Market Report
The Cleveland office market saw an increase in tenant activity through the second quarter of 2022 as companies continued to expand and contract occupied space in addition to signing longer leases. The office market is expected to remain resilient as several office buildings are slated for conversion to multifamily projects.
Asking rents
Asking rents experienced a slight uptick in Q2 as landlords push for long-term leases.
Available space
The amount of available office space continued to increase in Q2, with total sublease availability remaining at 550,000 sf.
Office vacancy
Office vacancy has increased 230 bps year-to-date totaling 24.4% for the Cleveland office market in Q2 2022.
Investment sales activity
Investment sales activity in the office sector increased in Q2 2022 as capital rates continue to breach 12-month highs.
Tenant activity
As short-term leases continue to come to expiration, tenant activity is expected to continue.
Downtown traffic
Downtown Cleveland continues to see a resurgence in visitor traffic as companies continue to refine return-to-work strategies.
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