Cleveland, OH Market Report

Cleveland's medical office vacancy has fallen to a historic low of 5.6% — the tightest it has been in a decade — with 113,000 square feet of positive absorption recorded and availability in newer buildings at just 2.5%. Average rents are around $21.45 per square foot with stronger growth in established submarkets, and less than 5,000 square feet of new medical office space was added in all of 2025, creating a severely supply-constrained environment where healthcare practices that understand how to evaluate and negotiate their real estate options hold a meaningful edge.