Cleveland Office Market Report

Class A tailwinds lift outlook. Cleveland’s favorable corporate tax treatment has long drawn large employers, including several Fortune 500 companies. However, the metro’s ranking as ninth in office inventory per capita has also left it more exposed to today’s softer demand environment. Despite this, completions for 2026 are entirely pre-leased. Less than 400,000 square feet of office space is scheduled to deliver this year, though the market is still expected to record its fourth year of net relinquishment since at least 2008. With over half of the metro’s inventory concentrated in Class B/C — and vacancy in that segment weakening heading into the year as upper-tier assets posted mild improvements — overall momentum may remain soft. Even so, Class A properties built after 2010 continue to outperform, posting sub-5 percent vacancy last year and demonstrating tenant preference for higher-quality space. Additionally, Cleveland’s office-conversion activity is removing underutilized buildings from inventory, easing pressure on the market, especially in the CBD, where projects like Erieview Tower are underway.