925 Euclid
CLEVELAND, OH—The Greater Cleveland office market ended 2018 on solid footing, according to the Quarter 4 report from Newmark Knight Frank. Vacancy dropped to its lowest rate in 17 years, while 2018 saw the largest amount of absorption in five years.
In Q4 2018, Cleveland saw 121,117-square-feet of positive absorption, bringing the overall vacancy to 15.8%. It hasn't been this low since Q3 2001 when the vacancy rate was 15.6%. Total for the year, the market absorbed 340,510 square feet. Still, rental rates have remained right around $18 per square foot for the last two years.
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