The Cleveland industrial market is in a normalization phase where leasing should be steady through the rest of the year.
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2Q23 Cleveland Industrial Market Overview |
Newmark presents the second quarter 2023 Cleveland Industrial Market Overview.
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| Select Market Observations |
‒ The Cleveland market tallied 462,024 SF in positive absorption.
‒ The industrial vacancy rate decreased to 4.2% in the second quarter of 2023 from 4.3% in the first quarter of 2023. Year to date, the market stands at 4.2%, up 10 basis points from the overall 4.1% vacancy in 2022.
‒ Demand for industrial space decelerated to its lowest level since the first quarter of 2019, though the market is still healthy. Total leasing activity measured approximately 1.2 million SF. |
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The Cleveland industrial market is in a normalization phase where leasing should be steady through the rest of the year. |
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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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