Cleveland Office Market Report
By PropZone Research · Data through Q1 2026 · Aggregated from Newmark, CBRE, Cushman & Wakefield, Matthews, Colliers, Lee Associates
Quarterly office market indicators for Cleveland, aggregated by PropZone from Newmark, CBRE, Cushman & Wakefield, Matthews, Colliers, Lee Associates. As of Q1 2026, average asking rent was $21.27/SF.
Projected current office pricing — Cleveland
high confidenceModeled estimate (income approach) shown as a range — not an appraisal. Projected asking rent × occupancy × net-operating-income margin band ÷ market cap rate, from Q1 2026 multiple brokerages data (cap rate 8.6%, asking rent held flat). Assumes ~73% occupancy and a 50–65% net-operating-income margin.
| Quarter | Asking rent | Vacancy | Net absorption | Under constr. | Source |
|---|---|---|---|---|---|
| Q1 2026 | $21.27/SF | — | — | — | Newmark |
| Q1 2026 | $19.29/SF | — | 44K SF | — | CBRE |
| Q1 2026 | — | 26.9% | 0K SF | — | Cushman & Wakefield |
| Q4 2025 | $16.35/SF | 4.7% | — | — | Matthews |
| Q4 2025 | $19.10/SF | — | — | — | CBRE |
| Q4 2025 | — | 23.0% | 1.0M SF | — | Newmark |
| Q2 2025 | $21.05/SF | — | -131K SF | — | Newmark |
| Q1 2025 | $7.08/SF | — | 253K SF | — | Newmark |
| Q4 2024 | $19.96/SF | — | 160K SF | — | Newmark |
| Q3 2024 | $0.01/SF | — | — | — | Newmark |
| Q2 2024 | $0.04/SF | — | — | — | Newmark |
| Q1 2024 | — | — | -177K SF | — | Newmark |
| Q4 2023 | — | — | -32K SF | — | Newmark |
| Q3 2023 | $19.07/SF | — | 136K SF | — | Newmark |
| Q2 2023 | $0.17/SF | — | — | — | Newmark |
| Q1 2023 | — | 20.2% | — | — | Newmark |
| Q4 2022 | $5.28/SF | 15.6% | -648K SF | — | Newmark |
| Q3 2022 | $21.66/SF | 22.2% | -130K SF | — | Newmark |
| Q2 2022 | — | 17.9% | -91K SF | — | Newmark |
| Q3 2019 | $43.31/SF | 2.0% | 647K SF | — | Cushman & Wakefield |
| Q2 2018 | — | 3.6% | -10K SF | — | CBRE |
| Q2 2018 | $5.35/SF | 16.8% | -1K SF | — | Colliers |
| Q2 2018 | $21.72/SF | 10.0% | 527K SF | — | Lee Associates |
| Q2 2018 | $60.00/SF | 8.0% | 1K SF | — | Cushman & Wakefield |
How the brokerage sources compare
For Q1 2026, the brokerages PropZone aggregates for Cleveland office did not fully agree. Asking-rent estimates differ by $1.98/SF — from $19.29 to $21.27. PropZone reconciles these into a single consensus median rather than relying on any one brokerage.
| Source | Vacancy | Asking rent | Cap rate |
|---|---|---|---|
| Cushman & Wakefield | 26.9% | — | — |
| Newmark | — | $21.27/SF | — |
| CBRE | — | $19.29/SF | — |
Per-brokerage figures for Q1 2026, aggregated from published brokerage market reports.
Frequently asked questions
- What is the average asking rent for office space in Cleveland?
- As of Q1 2026, the average asking rent for office space in Cleveland was $21.27/SF, per Newmark.
- What is the office vacancy rate in Cleveland?
- Vacancy data for Cleveland office is aggregated from brokerage reports; refer to the quarterly table for available quarters.
- Where does PropZone's Cleveland market data come from?
- This report aggregates quarterly office market data for Cleveland from Newmark, CBRE, Cushman & Wakefield, Matthews, Colliers, Lee Associates.
- How much do brokerage estimates differ for office space in Cleveland?
- For Q1 2026, the brokerage sources PropZone aggregates for Cleveland did not fully agree. Asking-rent estimates differ by $1.98/SF — from $19.29 to $21.27. PropZone reconciles these into a single consensus median rather than relying on any one brokerage.