Figures

Cleveland Industrial Figures Q1 2025

April 10, 2025 10 Minute Read

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-Vacancy has remained stable quarter-over-quarter; however, it has increased 50 basis points since its historic low of 2.6% in Q3 2023.
-Absorption has remained muted the past three quarters, with relatively small negative absorption.
-HC Company broke ground on their new 750,000 sq. ft. facility in Middlefield; it is expected to be completed before the end of this year.
-Asking rates continue a downward trend, decreasing $0.15 per sq. ft. since Q1 2024 as no new construction entered the market and vacancy remains tight.
-Leasing transaction volume rose from Q4, landing at roughly 731,000 sq. ft, indicating that despite negative absorption, demand remains.