Markets · Cleveland–Elyria, OH MSA

Cleveland Industrial Market Report

Bluebird CRE Research · As of 2026 Q1 · Data: CoStar Group, www.costar.com

A manufacturing-heavy market with affordable, functional industrial product and durable regional tenancy.

4.3%
Vacancy
$6.71/SF
Asking Rent
$5.78/SF
NNN Rent
-930K SF
Net Absorption (12 mo)
399K SF
Under Construction
10.4%
Market Cap Rate

Asking Rent / SF

2016–2026

Now $6.71 · +2.5% YoY

Vacancy Rate

2016–2026

Now 4.3%

Net Absorption (12 mo)

2016–2026

Now -929,554 SF

Annual figures through 2026 Q1. Source: CoStar Group, www.costar.com.

Market overview

As of 2026 Q1, Cleveland industrial vacancy stands at 4.3% with asking rents near $6.71/SF. The market absorbed -929,554 SF over the trailing year, and investment sale pricing implies roughly a 10.4% cap rate. Those are the figures that frame how we underwrite here.

Bluebird's read

A manufacturing-heavy market with affordable, functional industrial product and durable regional tenancy. Bluebird targets functional small-bay and IOS product here at a basis below replacement cost, with leasing and mark-to-market as the value-add levers.

Economy

Population
2.2M
Total employment
1.1M
Industrial employment
169,682
Median HH income
$74,874

Key submarkets

  • • I-480 / Airport
  • • Solon
  • • Twinsburg
  • • Lorain County

Representative tenants

  • • Amazon
  • • Sherwin-Williams
  • • Cleveland-Cliffs
  • • Lincoln Electric

Explore other markets

Akron, OH
5.5% vacancy · $7.13/SF
Cincinnati, OH
4.8% vacancy · $7.53/SF
Columbus, OH
6.5% vacancy · $8.41/SF

Market data sourced from CoStar Group, www.costar.com (as of 2026 Q1); figures are point-in-time estimates and forecasts are not guarantees. Provided for informational purposes only and not an offer to sell securities. Past performance does not guarantee future results.

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