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Regional Summaries

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Cleveland, OH

Apartment
The 115,589-unit Cleveland apartment market had a fourth quarter 2017 vacancy rate of 3.3%. The rate was 3.1% in October and 3.2% in November. In the third quarter, the average asking rent and the average effective rent increased 1.0% to $864 per month and $832 per month, respectively. These rates were up 2.5% over the year. First Glance data from Reis give a fourth quarter asking rent of $869 per month. VIEW APARTMENT LISTINGS >
Industrial
Cleveland’s 175-million-square-foot warehouse/distribution market continued through the third quarter of 2017 with declining occupancy but improving rents. The 9.4% vacancy rate was up 20 basis points for the quarter and down 10 basis points for the year. The rate fell to 9.3% in October and went back to 9.4% in November. The average asking and effective rents, at $4.28 psf and $4.05 psf, respectively, were up 0.5% in the third quarter. For 11.2 million square feet of Flex/R&D space, Reis reports third quarter vacancy at 15.8%, down 30 basis points over the quarter but up 30 basis points over the year. The rate edged up to 16.0% in November. Average asking and effective rents, at $7.52 psf and $7.10 psf, are up 0.3% and 0.4% for the quarter, and up 1.3% and 1.6% for the year. VIEW INDUSTRIAL LISTINGS >
Office
Vacancy in Cleveland’s general purpose, multi-tenant office market was 21.5% in the fourth quarter of 2017, according to First Glance data from Reis. The last time vacancy here was below 20.0% was in 2008. The fourth quarter vacancy rate is down 10 basis points from the third quarter, but a few basis points either way will not make a difference here. The high vacancy rate, and the fact that it has persisted so long, indicates that the Cleveland office market is fundamentally weak. The fourth quarter average asking rent was $19.48 psf, according to Reis. The third quarter effective rent was $15.42 psf, unchanged over the quarter. VIEW OFFICE LISTINGS >
Retail
The 25-million-square-foot Cleveland community-neighborhood shopping center market showed another round of rent gains in the third quarter of 2017, Reis reports, while vacancy ticked downward. Reis reports a fourth quarter vacancy rate of 14.5%. The third quarter vacancy rate was 14.8%, and year-end 2016 was 15.2%. In the third quarter of 2017, the community-neighborhood shopping center market average asking rent increased 0.4% to $15.96 psf, and the average effective rent also rose 0.4% to $13.67 psf. Annual gains for these rental categories were 1.3%. Rents gained ground through October and November, to the extent that fourth quarter data from Reis give an average asking rent of $16.17 psf. VIEW RETAIL LISTINGS >

Source: Data provided by Reis, inc.

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