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Market Report

Cleveland Retail Market Report

2024 Investment Forecast

New Inventory Falls Below Tenant Space Demand;
Investors Focus on Low-Vacancy Areas

Vacancy in Cleveland is on track to stay near a record low. Cleveland’s vacancy rate has been below 5 percent since late 2021. By the end of 2024, this metric will be 180 basis points lower than the metro’s long-term average, aided by eight of Cleveland’s 15 largest submarkets claiming sub-4 percent vacancy rates. Experiential and discount businesses like Ace Pickleball, Krazy Bins and Burlington are scheduled to move into long-standing vacant spaces left by liquidated companies, such as Borders and HHgregg Electronics, this year. Restrained construction will direct most retailers into existing spaces, particularly those looking for larger floor plans as nearly 80 percent of Cleveland’s proposed pipeline through 2026 is composed of builds that are less than 20,000 square feet. This subdued pipeline is well-aligned with Cleveland’s declining population, which could limit some tenant expansions in the long run. Without a major influx of supply, however, this is unlikely to place significant upward pressure on vacancy. 

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