Cleveland Office Market Report
Vacancy Nationally Low as Few Arrivals Steer
Tenants to Existing Properties
Elevated leasing brightens near-term office sector outlook. After reporting one of the lowest vacancy rates among major U.S. markets in 2021, Cleveland's office availability is poised to further compress this year. The implementation of return-to-office policies by major employers, such as Sherwin-Williams and JPMorgan Chase, has aided the metro in recording positive net absorption since the beginning of last year. Additionally, the elevated number of leases signed in the first five months of this year related to the same period in 2021 is indicative of a larger return to in-person operations. Moving forward, the lack of speculative space slated for near-term completion should guide growing companies to existing floor plans, enabling year-end vacancy to nearly match the prior record low.