The office vacancy rate in the Cleveland market arean increased to 12.9% at the end of the third quarter 2011. The vacancy rate was 12.7% at the end of the second quarter 2011, 12.6% at the end of the first quarter 2011, and 12.3% at the end of the fourth quarter 2010.
Class A projects reported a vacancy rate of 12.8% at the end of the third quarter 2011, 12.4% at the end of the second quarter 2011, 12.5% at the end of the first quarter 2011, and 12.1% at the end of the fourth quarter 2010.
Class B projects reported a vacancy rate of 15.3% at the end of the third quarter 2011, 15.1% at the end of the second quarter 2011, 14.9% at the end of the first quarter 2011, and 14.4% at the end of the fourth quarter 2010.
Class C projects reported a vacancy rate of 8.9% at the end of the third quarter 2011, 8.9% at the end of second quarter 2011, 8.8% at the end of the first quarter 2011, and 8.9% at the end of the fourth quarter 2010.
The overall vacancy rate in Cleveland's central business district at the end of the third quarter 2011 increased to 19.1%. The vacancy rate was 18.8% at the end of the second quarter 2011, 18.7% at the end of the first quarter 2011, and 18.1% at the end of the fourth quarter 2010.
The vacancy rate in the suburban markets increased to 10.7% in the third quarter 2011. The vacancy rate was 10.5% at the end of the second quarter 2011, 10.4% at the end of the first quarter 2011, and 10.2% at the end of the fourth quarter 2010.
The information in this news report is based on information that appears in CoStar’s Third Quarter 2011 Office Market Report available to CoStar subscribers. To learn more about quarterly Office Market Reports and other benefits available to CoStar subscribers, please call 1-877-694-2177.