2017 Q3 Office Cleveland Report Colliers
Author: Loren Di Filippo
Date Published: 10/11/2017
The Cleveland office market continues its steady recovery, recording a decrease in overall vacancy in excess of three percentage points since peaking at 16 percent in 2011. As manufacturing makes up a decreasing share of the region’s economy, job growth has shifted to healthcare and knowledge-based industries. While total employment in these sectors stands 15.3 percent above the recession low, it is still slightly below the pre-recession peak. But the pace of growth has accelerated over the past year and is projected to increase over the next two years.