Outlook - Q3 2021
An in-depth look at the leasing, sales, construction, and employment in the Cleveland office market.
- Andrew Batson
- Joe Warren
Leasing activity in Cleveland continued to gain momentum over the summer months as tenants took advantage of current market dynamics and signing long-term leases. Additionally, rightsizing and flight-to-quality are two key trends that continue to play out in the market, especially as tenants look to re-evaluate their current real estate footprint. Heading into the end of the year and the start of a new one, vacancy is expected to modestly grow and negotiating power will remain with tenants.
Our Q3 2021 Cleveland Office Outlook provides a more detailed look at vacancy, asking rental rates, supply and demand, construction, and employment activity in the office market.