Cleveland Industrial Market Report
By CREhunt Research · Data through Q2 2026 · Aggregated from CBRE, Cushman & Wakefield, Matthews, JLL, Newmark
Quarterly industrial market indicators for Cleveland, aggregated by CREhunt from CBRE, Cushman & Wakefield, Matthews, JLL, Newmark. As of Q2 2026, average asking rent was $5.89/SF/yr and vacancy was 3.9%, per CBRE.
Projected current industrial pricing — Cleveland
Modeled estimate (income approach) shown as a range — not an appraisal. No market-specific cap rate is published for Cleveland industrial yet, so this applies the typical cap rate across comparable industrial 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 5.5%–7.5%, asking rent trend-adjusted to today). Assumes ~96% occupancy and a 72–88% net-operating-income margin.
| Quarter | Asking rent | Vacancy | Net absorption | Under constr. | Source |
|---|---|---|---|---|---|
| Q2 2026 CBRE | $5.89/SF/yr | 3.9% | — | — | CBRE |
| Q2 2026 Cushman & Wakefield | $5.68/SF/yr | 3.8% | 1.2M SF | 570K SF | Cushman & Wakefield |
| Q1 2026 Cushman & Wakefield | $5.80/SF/yr | 3.9% | 729K SF | — | Cushman & Wakefield |
| Q1 2026 Matthews | $6.70/SF/yr | 4.3% | 420K SF | — | Matthews |
| Q1 2026 CBRE | $5.49/SF/yr | — | — | — | CBRE |
| Q1 2026 JLL | $5.70/SF/yr | 3.6% | 502K SF | — | JLL |
| Q4 2025 Matthews | $6.68/SF/yr | 4.4% | -939K SF | — | Matthews |
| Q4 2025 Newmark | $5.97/SF/yr | 5.2% | 658K SF | 587K SF | Newmark |
| Q4 2025 CBRE | — | — | — | — | CBRE |
| Q3 2025 Newmark | $5.95/SF/yr | 5.5% | -518K SF | — | Newmark |
| Q2 2025 Newmark | $5.88/SF/yr | 5.2% | -2.8M SF | — | Newmark |
| Q2 2025 Matthews | $6.62/SF/yr | 4.2% | -984K SF | — | Matthews |
| Q1 2025 Newmark | $6.02/SF/yr | 4.2% | -52K SF | — | Newmark |
| Q4 2024 Newmark | $6.15/SF/yr | 4.1% | -164K SF | 2.0M SF | Newmark |
| Q3 2024 Newmark | $6.15/SF/yr | — | — | — | Newmark |
| Q2 2024 Newmark | $6.22/SF/yr | 4.0% | 880K SF | — | Newmark |
| Q1 2024 Newmark | $6.21/SF/yr | 4.3% | 993K SF | — | Newmark |
| Q4 2023 Newmark | — | 5.1% | 426K SF | — | Newmark |
| Q3 2023 Newmark | $5.54/SF/yr | 4.6% | -52K SF | — | Newmark |
| Q2 2023 Newmark | — | 4.1% | 462K SF | — | Newmark |
| Q1 2023 Newmark | — | 4.3% | 4K SF | 4.0M SF | Newmark |
| Q4 2022 Newmark | — | 4.2% | 805K SF | — | Newmark |
| Q3 2022 Newmark | $5.12/SF/yr | 4.1% | 198K SF | — | Newmark |
| Q2 2022 Newmark | $5.07/SF/yr | 4.2% | — | — | Newmark |
Industrial asking rents by submarket
The newest asking rent a named brokerage's report published for each Cleveland industrial 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 | $5.43/SF/yr Cushman & Wakefield · Q2 2026 | Cushman & Wakefield, Q2 2026 |
| Downtown | $5.20/SF/yr Cushman & Wakefield · Q2 2026 | Cushman & Wakefield, Q2 2026 |
| East | $5.31/SF/yr Cushman & Wakefield · Q2 2026 | Cushman & Wakefield, Q2 2026 |
| Geauga West | $4.91/SF/yr CBRE · Q1 2026 | CBRE, Q1 2026 |
| Lake County | $6.00/SF/yr Cushman & Wakefield · Q2 2026 | Cushman & Wakefield, Q2 2026 |
| Lake County West | $5.96/SF/yr CBRE · Q1 2026 | CBRE, Q1 2026 |
| Medina County | $5.42/SF/yr Cushman & Wakefield · Q2 2026 | Cushman & Wakefield, Q2 2026 |
| Northeast | $4.08/SF/yr CBRE · Q1 2026 | CBRE, Q1 2026 |
| Northwest | $5.36/SF/yr CBRE · Q1 2026 | CBRE, Q1 2026 |
| Portage County | $4.81/SF/yr Cushman & Wakefield · Q2 2026 | Cushman & Wakefield, Q2 2026 |
| South | $6.93/SF/yr Cushman & Wakefield · Q2 2026 | Cushman & Wakefield, Q2 2026 |
| Southeast | $6.46/SF/yr Cushman & Wakefield · Q2 2026 | Cushman & Wakefield, Q2 2026 |
| Southwest | $5.72/SF/yr Cushman & Wakefield · Q2 2026 | Cushman & Wakefield, Q2 2026 |
| Stark County | $4.79/SF/yr Cushman & Wakefield · Q2 2026 | Cushman & Wakefield, Q2 2026 |
| West | $5.53/SF/yr Cushman & Wakefield · Q2 2026 | Cushman & Wakefield, Q2 2026 |
How the brokerage sources compare
For Q2 2026, the brokerages CREhunt aggregates for Cleveland industrial did not fully agree. On vacancy, the sources span 0.1 points — from 3.8% (Cushman & Wakefield) to 3.9% (CBRE). Asking-rent estimates differ by $0.21/SF/yr — from $5.68/SF/yr to $5.89/SF/yr. CREhunt reconciles these into a single consensus median rather than relying on any one brokerage.
| Source | Vacancy | Asking rent | Cap rate |
|---|---|---|---|
| Cushman & Wakefield | 3.8% | $5.68/SF/yr | — |
| CBRE | 3.9% | $5.89/SF/yr | — |
Per-brokerage figures for Q2 2026, aggregated from published brokerage market reports.
Frequently asked questions
- What is the average asking rent for industrial space in Cleveland?
- As of Q2 2026, the average asking rent for industrial space in Cleveland was $5.89/SF/yr, per CBRE.
- What is the industrial vacancy rate in Cleveland?
- The industrial vacancy rate in Cleveland was 3.9% as of Q2 2026 (CBRE).
- Where does CREhunt's Cleveland market data come from?
- This report aggregates quarterly industrial market data for Cleveland from CBRE, Cushman & Wakefield, Matthews, JLL, Newmark.
- How much do brokerage estimates differ for industrial space in Cleveland?
- For Q2 2026, the brokerage sources CREhunt aggregates for Cleveland did not fully agree. On vacancy, the sources span 0.1 points — from 3.8% (Cushman & Wakefield) to 3.9% (CBRE). Asking-rent estimates differ by $0.21/SF/yr — from $5.68/SF/yr to $5.89/SF/yr. CREhunt reconciles these into a single consensus median rather than relying on any one brokerage.