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Market Report

Cleveland Industrial Market Report

Midyear 2023

Multitude of Manufacturing Projects Foment
Industrial Leasing Activity Nearby

Statewide investments extend to Cleveland. Ohio has recently received a slew of manufacturing project announcements. Government subsidies have helped spur groundbreakings like Honda and LG Energy Solution’s EV battery plant in Fayette County, as well as Intel’s underway semiconductor plants in New Albany, highlighting Ohio’s commitment to industrial growth. Cleveland’s manufacturing sector is also expecting developments. Site work on Ford’s expansion project in Avon Lake began early this year, a $1.5 billion development that will employ 1,800 workers to manufacture a new commercial electric vehicle. The expansion will roughly double the workforce currently operating at the Ohio Assembly Plant long-term. Involta also plans to spend $135 million building out data center campuses in Akron and Independence. Other such projects may come to the area as industry suppliers seek proximity to these sites. 

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