The first quarter of 2022 brought much of the same for industrial real estate in greater Cleveland. Market rents and sale prices continued to rise, even a little faster than usual. Rents increased $0.16 from the end of 2021 to $5.57/ft, a 3% rise. Sale prices rose to $48.64/ft, a 3.8% increase from 4Q21.
The market absorbed 577k square feet in the first quarter, with net deliveries of 791k s.f., with vacancy rates ticking down slightly to 4.2%. With vacancy remaining low, industrial space remains difficult to find, with few turn-key properties available.

Cleveland Metro Industrial Market Report Q1 2022