Fourth quarter 2018 was another strong quarter for commercial real estate in the office market across northeast Ohio, with vacancy rates dropping to 8.2% and asking rates jumping up an average of $17.66 per square foot (psf) gross.
Rental rates in both the CBD and the suburban markets continue to climb at a modest pace, and vacancy rates continue to drop. New Class A mixed-use development projects in the CBD are expected to add the needed supply to the market.
There is good reason to expect a strong beginning to 2019 in the office space sector, and the Cleveland market will continue to be the beneficiary of the current local and national market conditions.
The Cushman & Wakefield I CRESCO Q4 MarketBeat Office report explores these trends along with breaking down submarket details. Click here to view the full report.
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