Greater Cleveland office market still struggling

Downtown Cleveland’s office market continues to struggle in the wake of
the pandemic that caused employees to work remotely, often from home.
Getting them back into the office may involve creating public incentives
to offset employers’ costs of adding more office amenities (KJP).
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Newmark, one of the world’s leading real estate services firms, issued its first quarter 2023 (23Q1) office market report for Greater Cleveland today and it continues to show a worsening situation in the region’s office sector. While only one submarket within Greater Cleveland showed an increase in office occupancies, none are taking it on the chin more than the central business district (CBD), its retailers, restaurants and transportation providers. But that data may have been disproportionately affected by a major deal.

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