Leasing activity and tenant demand in Cleveland looks quite strong. Leasing activity through the first three quarters of 2015 totaled more than 1.7 million square feet and 85.5 percent of tenants signing leases were recorded as having stable or growing footprints.

1. Tenant demand remains in expansionary mode
Cleveland
• Leasing activity and tenant demand in Cleveland looks quite strong. Office employment sectors have
recorded sustained jobs growth over the last three years, which is translating into increased tenant
demand. Leasing activity through the first three quarters of 2015 totaled more than 1.7 million square
feet and 85.5 percent of tenants signing leases were recorded as having stable or growing footprints.
Tenant demand is projected to remain in expansionary mode into 2016 which will continue to place
downward pressure on vacancy rates. While both Class A and Class B assets will benefit from increase
tenant demand, look for the largest absorption gains to take place in the Class A space.
Source: JLL Research
Chart of the week: October 26, 2015
14%
20%
26%
2011 2012 2013 2014 YTD
2015
Class A Class B
Office Vacancy Rates