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Cleveland, OH

Apartment
The 116,205-unit Cleveland apartment market had a fourth quarter 2017 vacancy rate of 3.3%. The rate inched upward in January and February 2018. In the fourth quarter, the average asking rent and the average effective rent increased 0.1% to $869 per month and $837 per month, respectively. These rates were up 3.0% and 2.9% over the year. VIEW APARTMENT LISTINGS >
Industrial
ClevelandÂ’s 175-million-square-foot warehouse/distribution market continued through the fourth quarter of 2017 with stable occupancy but lowered rents. The 9.4% vacancy rate was unchanged from the third quarter but down 10 basis points over 12 months. The rate was unchanged in January 2018 and up slightly in February. The average asking and effective rents, at $4.27 psf and $4.04 psf, respectively, were down 0.2% in the fourth quarter. These rates were up 0.9% and 1.0% for the year. Asking rents rose 0.2% and fell 0.2% in January and February, respectively. For 11.2 million square feet of Flex/R&D space, Reis reports fourth quarter 2017 vacancy at 15.5%, down 30 basis points over the quarter and unchanged over the year. The rate edged up 20 basis points in February 2018. Average asking and effective rents, at $7.55 psf and $7.13 psf, are up 0.1% and 0.3% for the quarter, and up 1.5% and 1.7% for the year. VIEW INDUSTRIAL LISTINGS >
Office
Vacancy in ClevelandÂ’s general purpose, multi-tenant office market was 21.5% in the fourth quarter of 2017 and resumed that mark in February 2018, according to ReisÂ’s monthly data. The rate dipped slightly in January. Vacancy above the 20.0% mark is fairly common here. The fourth quarter vacancy rate is down 10 basis points from the third quarter and 90 over the year. The fourth quarter average asking rent was $19.48 psf, according to Reis. This rate is up 0.5% for the quarter and 1.5% for the year. The fourth quarter effective rent was $15.46 psf, up 0.5% over the quarter and 1.6% over the year. VIEW OFFICE LISTINGS >
Retail
ClevelandÂ’s 25-million-square-foot community-neighborhood shopping center market showed another round of rent gains in the fourth quarter of 2017, Reis reports, while vacancy ticked downward. Reis reports a fourth quarter vacancy rate of 14.5%. The fourth quarter rate was down 30 basis points over the quarter and down 70 over 12 months. The rate rose slightly in January 2018. In the fourth quarter of 2017, the community-neighborhood shopping center market average asking rent increased 1.3% to $16.17 psf, and the average effective rent also rose 1.3% to $13.84 psf. Annual gains for these rental categories were 2.2%. Rents were flat in January 2018. VIEW RETAIL LISTINGS >

Source: Data provided by Reis, inc.

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