Research

Cleveland Industrial Outlook - Q3 2020

An in-depth look at the Cleveland industrial market. Analysis includes leasing, sales, construction and employment.

November 11, 2020

Cleveland’s industrial market has proven to be resilient during the COVID-19 pandemic and the ensuing economic headwinds. Vacancy is currently 5.5%, a modest increase of 40 basis points year-over-year, mainly due to new construction. Meanwhile, asking rents have increased 2.9% year-over-year. Construction activity remains elevated across the region. Currently 2.6 million square feet is under construction and an additional 851,000 square feet is scheduled to break ground in the fourth quarter. Speculative construction has been increasing over the last three years, a result of quick lease-up timeframes. The 434,000-square-foot Gateway Commerce Center in Streetsboro is the latest speculative project to break ground.

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