The Cleveland office market opened 2017 on a positive note, with the overall vacancy rate ticking down to 11.0% and the market absorbing over 252,000 square feet of space in the first quarter alone. Class-B properties were a particular bright spot, swinging from negative absorption in the prior three quarters to a solid positive showing, while Class-A space continued to perform well with a vacancy rate dropping to 8.9%. Suburban markets drove much of the quarter’s momentum, accounting for the bulk of net absorption as the central business district saw a slight dip. With four new buildings delivering nearly 93,000 square feet to the market and over 637,000 square feet still under construction, the Cleveland office landscape was clearly in an active phase of growth and repositioning heading into the rest of 2017.

Q1 2017 – Cleveland Office Market Report