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Cleveland, OH

Apartment
The 115,274-unit Cleveland apartment market had a fourth quarter 2016 vacancy rate of 3.1%, down 10 basis points from the prior quarter and down 50 over the year. The rate is recorded at 3.3% in February 2017. In the fourth quarter, the average asking rent and the average effective rent increased 0.3% to $845 per month and $813 per month, respectively. These rates were each up 3.1% over the year. In January 2017, both rental categories increased by 0.4%, a solid monthly gain, and rose 0.1% in February. VIEW APARTMENT LISTINGS >
Industrial
Cleveland’s 175-million-square-foot warehouse/distribution market finished 2016 with stable occupancy and quarterly rent gains. The 9.5% vacancy rate was unchanged for the quarter and down 10 basis points year-over-year. The rate fell an additional 10 basis points in January 2017 to 9.4% and remained there through February. The average asking and effective rents, at $4.23 psf and $4.00 psf, respectively, were up 0.2% and 0.3% in the fourth quarter, and up 1.2% and 1.5% for the year. Asking and effective rents were unchanged in January and up 0.2% and 0.3% in February. For 11.2 million square feet of Flex/R&D space, Reis reports a decreasing fourth quarter vacancy rate and rising rents. The fourth quarter 2016 vacancy rate of 15.4% is down 10 basis points over the quarter and down 40 over the year. The rate rose to 15.7% in January 2017 and 15.9% in February. Rents were up by 0.1%, asking and effective, to $7.43 psf and $7.00 psf. The year-over-year gains were 1.6% and 1.7%, respectively. Asking and effective rents are both unchanged in January and up 0.1% in February. VIEW INDUSTRIAL LISTINGS >
Office
Vacancy in Cleveland’s general purpose, multi-tenant office market dipped slightly in the fourth quarter of 2016. The 21.6% rate was down 50 basis points from the prior quarter but up 30 basis points over 12 months. The rate was 21.1% in February 2017. The average asking rent and the average effective rent were up 0.6% each over the fourth quarter to $19.24 psf and $15.25 psf, bringing the 2016 gains to 1.1% by both measures. Rents increased 0.3% both asking and effective in early 2017. VIEW OFFICE LISTINGS >
Retail
The 25.1-million-square-foot Cleveland community-neighborhood shopping center market managed to eke out some rent gains as 2016 drew to a close. Vacancy finished the fourth quarter of 2016 at 15.2%, up 10 basis points over the quarter and up 20 over 12 months. The rate was 15.3% in February 2017. In the fourth quarter of 2016, the community-neighborhod shopping center average asking rent increased 0.5% to $15.84 psf, and the average effective rent rose 0.4% to $13.56 psf. Annual gains for both rental categories was 2.2%. Rents were mostly flat through January and February 2017. VIEW RETAIL LISTINGS >

Source: Data provided by Reis, inc.

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