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Market Report

Cleveland Office Market Report

2Q 2023

Companies Assessing Office Needs to Varying
Results, Many Favoring Class B/C Space

Mid-tier space backstops demand, aiding low vacancy. Entering April, Cleveland retained the fourth-lowest vacancy rate among major U.S. markets. The metro is, however, expecting an infusion of supply this year, contributing to a jump in availability as net absorption trends negative. Leasing activity slowed in the first quarter, but companies have exhibited demand for Class B/C space as vacancy has seen little change over the past year relative to Class A space . These spaces may become increasingly popular as companies seek to cut costs. Overall, vacancy in Cleveland has stayed generally consistent compared to other metros. The rate has remained below 13 percent for the last 10 years and has a decade average of 11.1 percent. 
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