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| Downtown Cleveland has lost 30 percent of its leasable office space to adaptive reuse projects, mainly residential. The leased space that remains is only 60 percent full on any given day following the pandemic and its instigation of remote or hybrid work policies. Public incentives are being sought to boost the office market downtown with a recognition that it may never be the same again (KJP). CLICK IMAGES TO ENLARGE THEM |
This week, global real estate brokerage Newmark released its third quarter office market report for Greater Cleveland and the news wasn’t good, especially for downtown Cleveland. While three of five submarkets in the metropolitan area saw declining occupancies of office spaces in July-September, none suffered a greater loss than the central business district. That district includes everything from Ohio City east through Downtown to Midtown.
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