Industrial Construction at All-Time High in Cleveland

Cleveland has historically been a market with modest industrial construction, with space underway trending below 1 million square feet in recent years. With more than 355 million square feet of industrial space, Cleveland is the largest industrial market in Ohio. This reflects Cleveland’s roots as a prominent manufacturing hub in the region, and the market is largely built out as result. Compared to rapidly growing industrial markets in places such as Columbus, Cleveland lacks large swaths of shovel-ready sites available for development, which has kept construction muted in recent years.
 
However, nearly 8 million square feet of industrial space is under construction in Cleveland now, which is the highest level in the city's history as tracked by CoStar data, which dates back to 2000. While this is a record for the market, industrial construction in Cleveland represents just 2.2% of inventory, relative to the national average of 4.1% and well below Columbus at 7.3%.