Cleveland industrial market report
Q3 2023
Despite a decrease in leasing activity, the industrial market in Cleveland is poised to remain balanced in the near future due to low vacancy rates and the limited construction pipeline.
Delivery
A total of 5.0 msf has been delivered to the market since 2020 and of that only 15% remains avilable with a total of 774,176 sf.
Vacancy
In 2021, the vacancy spiked to 5.6%, but has since rebounded and declined by 80 basis points, reaching 4.8% at the end of Q3 2023.
Leasing activity
Leasing activity decreased 30% from the previous five-year quarterly average of 1.3 msf.
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