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Cleveland office market experiencing high vacancy rates

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The struggles within the Cleveland office market could be tied to financial uncertainty caused by the recent bank crisis and the continued reassessment of post-pandemic work models, real estate company Newmark believes.

CLEVELAND, Ohio -- The office real estate market in Greater Cleveland is showing signs of weakness based on first-quarter 2023 reports from real estate companies Newmark and Jones Lang LaSalle.

There has been a significant increase in office vacancies, according to the reports. Newmark noted that the first quarter of 2023 saw a 21.4% vacancy rate, which is a 3.9 percentage-point increase from the first quarter 2022 when the rate was 17.5% and a 5.3 percentage-point increase from the first quarter of 2020, before the pandemic began to affect the market, when the rate was 16.1%.

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