Figures

Cleveland Office Figures Q1 2025

April 10, 2025 10 Minute Read

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-Vacancy rate rose 300-basis points quarter-over-quarter, driven largely by available office space delivered this quarter.
-The Cleveland office market recorded about half of the negative absorption recorded in Q3 and Q4 of 2024. Suburban Class A buildings saw roughly 25,000 sq. ft. of positive absorption, the most of this quarter.
-The first phase of Valor Acres completed, adding a total of 125,000 sq. ft. of office space to the South submarket. DiGeronimo Companies moved into 74,000 sq. ft, leaving about 50,000 sq. ft. available.
-Average asking rate continues to slowly rise for both Class A and Class B assets, with an increase of 80 basis points and 400 basis points year-over-year, respectively.
-Leasing activity saw an upswing this quarter, total leasing activity increased 29.8% quarter-over-quarter. New leases comprised most of the transaction volume.