Office market recovery to take ‘years’

The corner of Euclid Avenue and East 9th Street was the heart of Cleveland’s office market. In
the 1980s, nearly 60,000 office jobs were located within two blocks. Today, of the 10 built-as-
office-buildings of eight stories or taller seen here, three are vacant, three others were conver-
ted to residential/hotel uses, and four remain as occupied office buildings. The PNC Bank
Plaza at center is a healthy outlier (NEOtrans). CLICK IMAGES TO ENLARGE THEM.

Newmark’s market reports are well-regarded in the real estate industry. Their data is typically dry, yet spot-on. And they almost always avoid drama in their analyses. But their second-quarter 2026 office market report for Greater Cleveland added some unusually colorful adjectives to their data.

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