Cleveland's industrial market has produced mixed results for the second quarter, as demand is low but occupancies are on the decline.
Leasing activity in three months through June in the area slipped to roughly 880,000 square feet, which is the first time it hit levels that low in a decade, according to a report from Newmark. The figure was pegged at 1.6 million in the first quarter.
"The market has softened from an oversupply of inventory that came to market between 2018 and 2023," Newmark wrote.
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