04/07/2026
The Cleveland CRE market right now in 3 numbers:
3.9% — Industrial vacancy. Up from 2.8% a year ago (some numbers have claimed as high as 5.8%). The tightest run in years is loosening (but not much).
22.7% — Office vacancy. Sherwin-Williams' 1M SF HQ delivery masked how flat leasing activity really is. Strip that out and the market barely moved.
$5B+ — Capital committed to Downtown Cleveland. The reset is real, but so is the opportunity for investors who know where to look.
What I'm telling clients right now: Industrial isn't dead — it's repricing. Office isn't coming back broadly — but Class A is. And Downtown? The entry window won't stay open forever (we have seen the ebb and flow of this city too much over the last 30 years).
What are you seeing out there?
