Cleveland office market reports

Q4 2022 Office Market Report

The Cleveland office market experienced a slowdown in the fourth quarter of 2022. Leasing activity remained steady with rising interest rates having minimal impact, but most tenants in the market have been seeking short terms and spaces under 10,000 square feet. While tenants’ preference for luxe spaces is growing, options are limited. Owners with older buildings are more inclined to get creative with deal structuring than invest in amenity upgrades. Landlords continued to increase concessions, but TI allowances are struggling to keep up with increasing construction costs. Vacant inventory has also continued to climb while asking rents have remained relatively flat.
-2.87 msf

Net absorption

Net absorption has totaled -2.87 msf since Q1 2020, 1.78 msf of which is from 2022 alone. Cleveland has only seen positive absorption in three of the last 16 quarters. 

Office visitor volume

Cleveland’s office visitor volumes as of mid-December 2022 are 46.4% of what they were relative to March 2, 2020, the week before the COVID-19 lockdown. This is on par with the rest of the U.S. which sits at a 46.3% recovery. Cleveland’s urban offices have been recovering at a faster rate with a 49.5% recovery versus suburban offices’ 38.1%.

Office-related employment

As of October 2022, employment levels for office-related jobs were 1.3% higher than they were in February 2020. It’s an impressive turnaround for office employment, despite a slight 0.5% decrease in the previous 12 months.
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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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