The rate factors in a 21% vacancy rate during the fourth quarter in the central business district of Cleveland, and 18.9% in the suburbs.
CLEVELAND, Ohio -- The Greater Cleveland office real estate market had a tough year overall in 2022 and the industry’s fourth quarter shows that challenges may not be letting up anytime soon.by real-estate company Newmark, the vacancy rate regionwide grew to 19.8% for the final three months of 2022, up from 18.2% in the third quarter and from 18.9% from the fourth quarter of 2021.
Yet the average rental rate increased 22 cents from the third quarter to $18.82 per square foot, the report said. Something else that has been impacting the office vacancies are increases in the availablity of space for subleasing.
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