Cleveland Office Figures Q3 2026

In Q3 2026, the Cleveland office market showed signs of stabilization as tenant demand generated 11,000 sq. ft. of positive absorption, reversing occupancy losses recorded in the prior quarter and improving from one year ago. Despite improving demand, vacancy held at an elevated 20.3%, while asking rents increased modestly to $19.57 per sq. ft., continuing a multi-year trend of relative pricing stability.​

​

Performance remained uneven across product types and submarkets. Class B vacancy reached 22.0%, compared with 18.8% in Class A and 16.1% in Class C, reflecting continued tenant preference for higher-quality and lower-cost space. Downtown remained the market's most challenged submarket, posting 25.6% vacancy, while the South, East and Southwest submarkets generated the strongest occupancy gains. Development activity remained minimal, with no deliveries and only 56,000 sq. ft. under construction, while leasing activity totaled 104,000 sq. ft. With supply growth constrained and office-to-residential conversions reducing inventory, market fundamentals are positioned for continued gradual improvement.​