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Cleveland Industrial Keeps Booming

The market has not seen significant positive absorption for about a year, but vacancy remains at a historic low.

cle-cornerstone biz park Twinsburg’s CornerStone Business Park will soon have a new 300K SF speculative building. New product like that is helping drive up average rental rates.

CLEVELAND—Industrial markets across the US are thriving, and the Cleveland metro area is no exception. The market has not seen significant positive absorption for about a year, but the first-quarter vacancy rate was not affected, according to a new report from Newmark Knight Frank. In fact, it remains at a historic low of 5.8%.

One explanation is that the overall inventory has shrunk. One year ago, it stood at 291 million square feet, but by this year’s first quarter that number was 284 million square feet. And according to NKF, the market has “far more demand than space available.”

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Brian J. Rogal

Brian J. Rogal

Brian J. Rogal is a Chicago-based freelance writer with years of experience as an investigative reporter and editor, most notably at The Chicago Reporter, where he concentrated on housing issues. He also has written extensively on alternative energy and the payments card industry for national trade publications.

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