Intelligence

Regional Summaries

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Cleveland, OH

Apartment
The 117,977-unit Cleveland apartment market had a first quarter 2019 vacancy rate of 4.4%, down 20 basis points for the period and up 80 year-over-year. The average asking rent increased 0.3% during the first quarter to $934 per month, and the average effective rent rose 0.2% to $892 per month. These rates were up 6.0% and 5.2%, respectively, over the year. VIEW APARTMENT LISTINGS >
Industrial
Cleveland's 176-million-square-foot warehouse/distribution market finished the first quarter of 2019 with a slight fall in vacancy and improving rents. The 9.2% vacancy rate was down 10 basis points over the quarter and down 40 basis points over the year. The average asking and effective rents, at $4.37 psf and $4.12 psf, respectively, were both up 0.7% in the first quarter. These rates were up 2.1% and 2.0% for the year. For 11.3 million square feet of Cleveland's Flex/R&D space, Reis reports first quarter 2019 vacancy at 17.2%, up 110 basis points over the quarter and up 80 over the year. This market struggles with consistently high vacancy. Average asking and effective rents, at $7.67 psf and $7.23 psf, are unchanged and down 0.1% for the quarter, and up 1.1% and 1.0%, respectively, over the year. VIEW INDUSTRIAL LISTINGS >
Office
Vacancy in Cleveland's general purpose, multi-tenant office market was 22.3% in the first quarter of 2019, according to Reis's quarterly data. The first quarter vacancy rate is down 40 basis points from the prior quarter and up 50 over the year. The first quarter average asking rent was $19.82 psf, according to Reis. This rate is up 0.4% for the quarter and 1.2% for the year. The first quarter effective rent was $15.74 psf, up 0.4% over the quarter and 1.3% over the year. VIEW OFFICE LISTINGS >

Source: Data provided by Reis, Inc. based on Market Summaries for the 85 Primary and Secondary Markets they cover.

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