CLEVELAND, Ohio – Leasing demand for industrial space in the Cleveland market rebounded slightly in the third quarter after hitting a 10-year low in the previous quarter, according to a Newmark report released Wednesday.
Industrial leasing activity in Greater Cleveland ended the third quarter at 1.7 million square feet, nearly double the nearly 881,000 square feet recorded in the second quarter.
The Cleveland industrial market gave back 169,000 square feet of space in the third quarter, pushing the region’s industrial vacancy rate up 10 basis points from the second quarter to 4.1%. But the year-to-date vacancy rate of 4.1% remained well below the long-term average vacancy of 8.0%, Newmark reported.
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