2017 Q4 Office Cleveland Report Colliers
Author: Loren Di Filippo
Date Published: 02/23/2018
The Cleveland office market continues its steady recovery, recording a decrease in overall vacancy of nearly 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 the office-using sectors stands 13.5 percent above the recession low, it is still slightly below its prerecession peak. But the pace of growth has accelerated over the past year and is projected to increase over the next two years.