An in-depth look at the Cleveland office market including analysis of leasing, sales, construction and employment
August 26, 2020
Market activity declined significantly in Cleveland during the second quarter due to COVID-19 and the statewide shelter-in-place order. Leasing activity was 46.6% below historical averages while sales volume was down 71.3% on an annualized basis. Most leases at the signing stage were completed, however, leases in the earlier phases of negotiation have been delayed as business leaders determine what their real estate needs will be in a post-pandemic world.
Specific to tenants in the market, very few office requirements have been canceled all together. Instead, the majority of requirements were simply put on hold for a few months. By June, some of those tenants had re-engaged their brokerage firms and were proceeding with market evaluations.