Cleveland Industrial Market Report
By PropZone Research · Data through Q1 2026 · Aggregated from Lee Associates, CBRE, Matthews, Colliers, Cushman & Wakefield, Newmark
Quarterly industrial market indicators for Cleveland, aggregated by PropZone from Lee Associates, CBRE, Matthews, Colliers, Cushman & Wakefield, Newmark. As of Q1 2026, average asking rent was — with a 4.4% vacancy rate.
Projected current industrial pricing — Cleveland
indicative confidenceModeled estimate (income approach) shown as a range — not an appraisal. No market-specific cap rate is published for Cleveland industrial yet, so this applies the typical cap rate across comparable industrial markets — treat it as a rough, indicative range that sharpens as sourced cap rates arrive. Projected asking rent × occupancy × net-operating-income margin band ÷ a benchmark cap rate, from Q1 2026 asking-rent data (benchmark cap rate 5.5%–7.3%, asking rent trend-adjusted to today). Assumes ~92% occupancy (vacancy not reported) and a 72–88% net-operating-income margin.
| Quarter | Asking rent | Vacancy | Net absorption | Under constr. | Source |
|---|---|---|---|---|---|
| Q1 2026 | — | 4.4% | 2.7M SF | — | Lee Associates |
| Q1 2026 | $5.49/SF | — | — | — | CBRE |
| Q1 2026 | $6.70/SF | 4.3% | — | — | Matthews |
| Q1 2026 | — | 9.2% | 129K SF | — | Colliers |
| Q1 2026 | — | 8.5% | 835K SF | 506K SF | Cushman & Wakefield |
| Q4 2025 | $6.62/SF | 4.2% | — | — | Matthews |
| Q4 2025 | $5.97/SF | 5.2% | 658K SF | 587K SF | Newmark |
| Q4 2025 | $0.04/SF | — | — | — | CBRE |
| Q3 2025 | $5.95/SF | — | -518K SF | — | Newmark |
| Q2 2025 | $5.88/SF | — | -2.8M SF | — | Newmark |
| Q1 2025 | $6.02/SF | 4.2% | -52K SF | — | Newmark |
| Q4 2024 | $6.15/SF | 4.1% | -164K SF | 2.0M SF | Newmark |
| Q3 2024 | $6.15/SF | 8.0% | — | — | Newmark |
| Q2 2024 | $6.22/SF | — | 880K SF | — | Newmark |
| Q1 2024 | $6.21/SF | — | — | — | Newmark |
| Q4 2023 | $5.69/SF | — | — | — | Newmark |
| Q3 2023 | — | — | -52K SF | — | Newmark |
| Q2 2023 | — | 4.1% | — | — | Newmark |
| Q1 2023 | $3.24/SF | 4.3% | 4K SF | 4.0M SF | Newmark |
| Q4 2022 | $6.12/SF | 4.2% | — | — | Newmark |
| Q3 2022 | $5.12/SF | 4.1% | — | — | Newmark |
| Q2 2022 | $5.07/SF | 4.2% | -924K SF | — | Newmark |
| Q4 2020 | — | 3.4% | 67K SF | — | Newmark |
| Q3 2020 | — | — | -77K SF | 1.0M SF | Newmark |
Frequently asked questions
- What is the average asking rent for industrial space in Cleveland?
- PropZone aggregates industrial asking-rent data for Cleveland from major brokerage market reports; see the quarterly table for the latest available figures.
- What is the industrial vacancy rate in Cleveland?
- The industrial vacancy rate in Cleveland was 4.4% as of Q1 2026 (Lee Associates).
- Where does PropZone's Cleveland market data come from?
- This report aggregates quarterly industrial market data for Cleveland from Lee Associates, CBRE, Matthews, Colliers, Cushman & Wakefield, Newmark.