Cleveland Office Market Report
By CREhunt Research · Data through Q2 2026 · Aggregated from CBRE, Cushman & Wakefield, Newmark, JLL
Quarterly office market indicators for Cleveland, aggregated by CREhunt from CBRE, Cushman & Wakefield, Newmark, JLL. As of Q2 2026, average asking rent was $19.44/SF/yr, per CBRE.
Projected current office pricing — Cleveland
Modeled estimate (income approach) shown as a range — not an appraisal. No market-specific cap rate is published for Cleveland office yet, so this applies the typical cap rate across comparable office 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 Q2 2026 multiple brokerages asking-rent data (benchmark cap rate 6.6%–8.6%, asking rent trend-adjusted to today). Assumes ~86% occupancy and a 50–65% net-operating-income margin.
| Quarter | Asking rent | Vacancy | Net absorption | Under constr. | Source |
|---|---|---|---|---|---|
| Q2 2026 CBRE | $19.44/SF/yr | — | — | — | CBRE |
| Q2 2026 Cushman & Wakefield | — | 13.7% | — | — | Cushman & Wakefield |
| Q1 2026 Cushman & Wakefield | $19.42/SF/yr | 10.9% | -482K SF | — | Cushman & Wakefield |
| Q1 2026 Newmark | $21.27/SF/yr | 22.3% | — | — | Newmark |
| Q1 2026 CBRE | $19.29/SF/yr | — | 44K SF | — | CBRE |
| Q1 2026 JLL | $21.54/SF/yr | 17.6% | -43K SF | — | JLL |
| Q4 2025 Newmark | $21.69/SF/yr | 23.0% | 1.0M SF | — | Newmark |
| Q4 2025 CBRE | $19.10/SF/yr | — | — | — | CBRE |
| Q2 2025 Newmark | $21.05/SF/yr | 23.1% | -131K SF | — | Newmark |
| Q1 2025 Newmark | — | 22.7% | 253K SF | — | Newmark |
| Q4 2024 Newmark | $19.96/SF/yr | 27.8% | 160K SF | — | Newmark |
| Q3 2024 Newmark | — | 23.1% | 77K SF | — | Newmark |
| Q2 2024 Newmark | — | 23.2% | 92K SF | — | Newmark |
| Q1 2024 Newmark | $19.99/SF/yr | 23.4% | -177K SF | — | Newmark |
| Q4 2023 Newmark | $19.14/SF/yr | 21.7% | -32K SF | — | Newmark |
| Q3 2023 Newmark | $19.07/SF/yr | 21.6% | 136K SF | — | Newmark |
| Q2 2023 Newmark | — | 21.9% | — | — | Newmark |
| Q1 2023 Newmark | $18.82/SF/yr | — | — | — | Newmark |
| Q4 2022 Newmark | — | — | -648K SF | — | Newmark |
| Q3 2022 Newmark | — | — | -130K SF | — | Newmark |
| Q2 2022 Newmark | $18.56/SF/yr | 17.9% | — | — | Newmark |
| Q3 2019 Cushman & Wakefield | $43.31/SF/yr | 2.0% | 647K SF | — | Cushman & Wakefield |
Office asking rents by submarket
The newest asking rent a named brokerage's report published for each Cleveland office submarket, with its publisher and quarter. Submarkets whose newest figure cannot be attributed, or falls outside a plausible range, are left out.
| Submarket | Asking rent | Source |
|---|---|---|
| Akron | $19.60/SF/yr Cushman & Wakefield · Q2 2026 | Cushman & Wakefield, Q2 2026 |
| CBD | $20.05/SF/yr Cushman & Wakefield · Q2 2026 | Cushman & Wakefield, Q2 2026 |
| Chagrin, East & Lander | $22.27/SF/yr Cushman & Wakefield · Q2 2026 | Cushman & Wakefield, Q2 2026 |
| Downtown | $20.12/SF/yr CBRE · Q1 2026 | CBRE, Q1 2026 |
| East | $21.62/SF/yr CBRE · Q1 2026 | CBRE, Q1 2026 |
| Fairlawn & Montrose | $20.90/SF/yr Cushman & Wakefield · Q1 2026 | Cushman & Wakefield, Q1 2026 |
| Midtown | $20.61/SF/yr Cushman & Wakefield · Q2 2026 | Cushman & Wakefield, Q2 2026 |
| Northeast | $15.08/SF/yr CBRE · Q1 2026 | CBRE, Q1 2026 |
| Northeast & Lake County | $18.74/SF/yr Cushman & Wakefield · Q1 2026 | Cushman & Wakefield, Q1 2026 |
| Portage & Geauga | $16.56/SF/yr Cushman & Wakefield · Q2 2026 | Cushman & Wakefield, Q2 2026 |
| Rockside & South | $18.12/SF/yr Cushman & Wakefield · Q2 2026 | Cushman & Wakefield, Q2 2026 |
| South | $18.45/SF/yr CBRE · Q1 2026 | CBRE, Q1 2026 |
| Southeast | $16.11/SF/yr CBRE · Q1 2026 | CBRE, Q1 2026 |
| Southwest | $16.80/SF/yr Cushman & Wakefield · Q2 2026 | Cushman & Wakefield, Q2 2026 |
| Stark County | $14.61/SF/yr Cushman & Wakefield · Q2 2026 | Cushman & Wakefield, Q2 2026 |
| West | $17.80/SF/yr Cushman & Wakefield · Q2 2026 | Cushman & Wakefield, Q2 2026 |
Frequently asked questions
- What is the average asking rent for office space in Cleveland?
- As of Q2 2026, the average asking rent for office space in Cleveland was $19.44/SF/yr, per CBRE.
- 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 CREhunt's Cleveland market data come from?
- This report aggregates quarterly office market data for Cleveland from CBRE, Cushman & Wakefield, Newmark, JLL.