Cleveland Retail Market Report

Strong retail leasing keeps vacancy tight. Cleveland’s retail landscape has benefited from healthy employment gains. More than 12,000 jobs were added through July — the eighth most among major metros. Hiring has been broad-based, spanning health care, technology and corporate investments such as Sherwin-Williams’ new headquarters and research facility, which created more than 400 jobs this year. Retailers are following this growth. Leasing activity was up nearly 20 percent through July compared with the prior seven months, helping limit vacancy pressures. Cleveland was one of just five major markets where single-tenant vacancy declined in the first half, tightening to 4.1 percent despite multi-tenant turnover.