$16

$20

$24

2011 2012 2013 2014 YTD2015

Class A Class B

Office rents are poised for meaningful growth

Cleveland

• Office asking rents in Cleveland have recorded modest appreciation since the Great Recession. In the

third quarter, Class A asking rents across the metro averaged $22.26 per square foot while Class B rents

averaged $17.51 per square foot. Asking rents for both classes are little changed year-over-year.

However, looking over a five-year time horizon, Class A asking rents have appreciated 2.7 percent while

Class B asking rents have appreciated by just 50 basis points. Limited office construction has meant that

tenant demand has translated almost entirely into vacancy compression, and with continued downward

pressure on vacancy, rents are poised for meaningful growth over the next three to five years.

Source: JLL Research

Chart of the week: November 23, 2015

Office asking rents