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Cleveland, OH

Apartment
The 115,357-unit Cleveland apartment market had a first quarter 2017 vacancy rate of 3.1%, up 10 basis points from the prior quarter and down 30 over the year. The rate is 3.0% in April 2017. In the first quarter, the average asking rent and the average effective rent increased 0.7% and 0.6% to $850 per month and $819 per month, respectively. These rates were each up 2.8% over the year. In April, these rental categories increased by 0.2% and 0.1%. VIEW APARTMENT LISTINGS >
Industrial
Cleveland’s 175-million-square-foot warehouse/distribution market started 2017 with improving occupancy and quarterly rent gains. The 9.4% vacancy rate was down 10 basis points for the first quarter and down 20 basis points for the year. The rate was unchanged in April. The average asking and effective rents, at $4.24 psf and $4.01 psf, respectively, were up 0.2% and 0.3% in the first quarter, and up 1.0% and 1.3% for the year. Asking and effective rents were unchanged in April. For 11.2 million square feet of Flex/R&D space, Reis reports an increase in the first quarter vacancy rate and rising rents. The April vacancy rate of 16.0% is down only slightly from the first quarter rate of 16.1%. That rate is up 110 basis points over 12 months. Rents were up by 0.3%, asking and effective, to $7.45 psf and $7.02 psf. The year-over-year gain was 1.2% for both categories. VIEW INDUSTRIAL LISTINGS >
Office
Vacancy in Cleveland’s general purpose, multi-tenant office market came in at 20.7% in April 2017, according to Reis. This rate is actually down 20 basis points from the first quarter, but at this level, such a drop has a rather limited impact. The rate was 21.9% in the first quarter of 2016. The average asking rent and the average effective rent were up 0.4% and 0.5% over the first quarter to $19.31 psf and $15.33 psf. These rates are up 1.4% and 1.6% for the year. April data show a gain of 0.1% for both categories. VIEW OFFICE LISTINGS >
Retail
The 25.1-million-square-foot Cleveland community-neighborhood shopping center market started 2017 with a drop in rents and an increase in vacancy. Vacancy finished the first quarter at 15.4%, up 20 basis points over the quarter and up 20 over 12 months. The rate was unchanged in April. In the first quarter of 2017, the community-neighborhood shopping center average asking rent decreased 0.2% to $15.79 psf, and the average effective rent fell 0.2% to $13.51 psf. Annual gains for these rental categories were 0.5% and 1.0%. Rents were flat through April. VIEW RETAIL LISTINGS >

Source: Data provided by Reis, inc.

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