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2Q23 Cleveland Office Market Overview |
Newmark presents the second quarter 2023 Cleveland Office Market Overview.
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| Select Market Observations |
‒ The Greater Cleveland office market gave back 58,688 SF in negative net absorption in the second quarter of 2023. This caused the vacancy rate to increase by 40 basis points to 21.9% in the second quarter of 2023 from 21.5% in the first quarter of 2023.
‒ The Cleveland office market’s overall average asking rental rate increased by $0.17/SF from the first quarter of 2023 to $18.99/SF, tied for the highest mark in at least 20 years but still not demonstrating a significant amount of growth over time.
‒ Sublease and direct space availability both increased in the midst of the pandemic, rebounded as the pandemic subsided and have risen slowly again since the first quarter of 2022. Market vacancy has followed suit. |
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As economic uncertainty continues, coupled with the continued hybrid work-from-home vs. in-office conundrum, it is expected that availabilities will continue to rise, along with vacancy. |
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1300 East 9th Street Suite 105
Cleveland, OH Cleveland, OH 44114
t 216-861-3040
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1300 East 9th Street Suite 105, Cleveland, OH Cleveland, OH 44114 t 216-861-3040
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The information contained herein has been obtained from sources deemed reliable but has not been verified and no guarantee, warranty or representation, either express or implied, is made with respect to such information. Terms of sale or lease and availability are subject to change or withdrawal without notice.
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