Cleveland suburban office market ‘bloodbath’

This is one of two office buildings for Hyland Software in Westlake that’s
on the market. And it’s just one of multiple office buildings that are either
for sale or for sub-lease. The peaceful, bucolic-like setting belies the tur-
moil in the local, regional and national office markets that isn’t limited to
downtown central business districts. Suburban areas are taking equally
big hits (CBRE). CLICK IMAGES TO ENLARGE THEM.

The numbers are downright ugly. High office vacancy rates and even higher availability rates exceeding 20 percent owing to a big jump in office spaces available for sub-lease. Numerous Class A office buildings are for sale with few if any interested buyers. For those in a buying mood, their lowball interest may be only for the land to hold for a possible conversion to new uses or for the hopes that better days may return to the office market — someday.

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