Cleveland Retail Market Report
Demand for Existing Multi-Tenant Space Mitigates
Impact of High-Profile Retailer Bankruptcies
Deliveries largely built-to-suit. Despite a slight rise in Cleveland’s vacancy rate this year, occupied space by raw square footage will reach a record high. This comes as built-to-suit and large projects are completed. Canton in Stark County will receive the two most sizable deliveries this year, including a 203,000-square-foot Costco and the 75,000-square-foot Hall of Fame Village. Other submarkets could be areas of concern, however, as consumers adjust spending habits amid inflationary headwinds. East Cleveland, which noted the highest vacancy among metro submarkets in March at 8.0 percent, may face additional pressure.