The office vacancy rate in the Cleveland market area increased to 12.5% at the end of the second quarter 2012. The vacancy rate was 11.9% at the end of the first quarter 2012, 11.9% at the end of the fourth quarter 2011, and 12.1% at the end of the third quarter 2011.
Class A projects reported a vacancy rate of 11.6% at the end of the second quarter 2012, 11.1% at the end of the first quarter 2012, 11.7% at the end of the fourth quarter 2011, and 12.3% at the end of the third quarter 2011.
Class B projects reported a vacancy rate of 15.2% at the end of the second quarter 2012, 14.0% at the end of the first quarter 2012, 13.9% at the end of the fourth quarter 2011, and 13.9% at the end of the third quarter 2011.
Class C projects reported a vacancy rate of 8.8% at the end of the second quarter 2012, 8.8% at the end of first quarter 2012, 8.8% at the end of the fourth quarter 2011, and 9.0% at the end of the third quarter 2011.
The overall vacancy rate in Cleveland's central business district at the end of the second quarter 2012 increased to 19.6%. The vacancy rate was 18.3% at the end of the first quarter 2012, 18.4% at the end of the fourth quarter 2011, and 19.0% at the end of the third quarter 2011.
The information in this news report is based on CoStar’s Second Quarter 2012 Market Report, a 40-plus page comprehensive research report available to CoStar subscribers. To learn more about quarterly research reports and other benefits available to CoStar subscribers, please call 1-877-694-2177.