Cleveland Industrial Figures Q4 2023

January 10, 2024 5 Minute Read

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Cleveland saw 248,795 sq. ft. of positive net absorption, combined with 789,035 sq. ft of leasing activity. 47% of leasing activity occurred in Class A product, whereas Class B saw 20% of the activity. The Southwest submarket saw the highest amount of activity with 31% of all leasing activity. This was largely due to the 170,895 sq. ft. lease by Supply Side at 1000 Keystone Pkwy.
The vacancy rate increased slightly to 3.1% due to the completion of 4 Spec buildings which total 1,888,092 sq. ft. The completed spec buildings are the last spec buildings in Cleveland's construction pipeline.
Average asking lease rates increased slightly to $5.92, previously $5.91 in Q2 2023. Average asking lease rates for Manufacturing, R&D Flex, and Warehouse/Distribution properties sit at $5.74, $9.16, and $5.85, respectively.
A notable sale of the quarter was the $7.4M purchase of 823-825 Leona St. in Elyria. The 103,000 sq. ft. industrial building was sold to Murphy Real Estate Services. It is fully leased by Great Lakes Honda West and Alexis Exhibits.