Cleveland Office Figures Q4 2023

January 10, 2024 5 Minute Read

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Cleveland posted 125,444 sq. ft. of positive net absorption in Q4 2023. This is attributed to several large move-ins in the downtown market and the completion of the 150,000 sq. ft. CBIZ HQ at 5959 Rockside Woods Blvd. Class A net absorption was also positive at 73,465 sq. ft. in Q4 2023.
Over 368K sq. ft. of new leases, renewals, and expansions were signed in Q4 2023. Average asking lease rates dipped slightly from $19.19 in Q3 2023 to $19.18 in Q4 2023. However, Class A average asking rates increased to $23.11.
The overall vacancy rate decreased to 15.5%. The Northeast submarket holds the lowest vacancy rate at 6.5% and has seen the lowest vacancy rate for the past 12 consecutive quarters.