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).
CLICK IMAGES TO ENLARGE THEM.

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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Treo opening doors on West 25th

 

Tenants are already moving their stuff into to Treo on West 25th
Street, where Tremont meets Ohio City, even as construction
workers put the finishing touches on the building and the
landscaping (KJP). CLICK IMAGES TO ENLARGE THEM.

Treo, named for where Tremont meets Ohio City, is the first of the big, market-rate apartment buildings to come to this no-man’s land part of town. Built on the site of a former auto repair and scrap yard business along a lesser-traveled section of West 25th Street, Treo’s first resident moved into the 171-unit property last week as construction work is substantially completed.

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Haslams envision glitzy new Berea future

Dallas Cowboys owner Jerry Jones’ Star District in the Dallas suburb
of Frisco, TX is reportedly the inspiration for Dee and Jimmy Haslam’s
planned expansion of its Cleveland Browns/Haslam Sports Group head-
quarters and practice facility in Cleveland’s suburb of Berea. While
this is a rendering, it shows what has been substantially built in
Frisco so far with much more planned (stardistrict.com).
CLICK IMAGES TO ENLARGE THEM.

The owners of the Cleveland Browns are trying to keep up with the Jones’. And the Kroenkes, Spanos’ and Wilfs, too. To do that means upgrading the Browns’ football facilities. But that isn’t limited to their downtown Cleveland stadium where the team plays games each Sunday in the Fall.

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Cleveland RTA reveals its new trains

Introducing the Greater Cleveland Regional Transit Authority’s new trains
that will operate on all rail lines and replacing one of the oldest rail car fleets
in the nation. The new trains, to be built by Siemens Mobility of Sacramento,
CA, will increase service reliability for passengers and reduce operating costs
for the transit agency (GCRTA). CLICK IMAGE TO ENLARGE THEM.

For the first time in four decades, Greater Cleveland is about to get a new Rapid. While NEOtrans revealed in January what type of new rail car Greater Clevelanders will be riding for the next two to three decades, that news was made official today by the Greater Cleveland Regional Transit Authority (GCRTA). Much more detail about the new rapid transit trains also was provided.

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Slavic Village properties back on market

The vacant, former Elgin Furniture store, 5217 Broadway Ave. in Cleveland’s
Slavic Village, is spread across five parcels and for sale along with another
vacant building at 5236 Broadway. A seventh parcel at 5311 Magnet Ave. is
owned by the same Columbus-based firm and next to the ex-Elgin site. That
site is across the street from The Rising, the largest development in Slavic
Village in 25 years (LoopNet). CLICK IMAGES TO ENLARGE THEM.

Seven high-profile properties along a short section of Broadway Avenue in Cleveland’s Slavic Village have hit the market after years of inactive ownership by a Columbus-based real estate firm. All of the properties except one which is an empty lot, have historic but vacant buildings on them. But the offerings are not publicly listed as available for sale by ME Real Estate LLC.

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Board of Elections is moving out

When most of us think of the Cuyahoga County Board of Elections, we think
of this 1950s-era structure called the Robert Hughes Building at the northwest
corner of Euclid Avenue and East 30th Street. But there are also two other
locations used by the Board of Elections which it would like to consolidate
by Jan. 1, 2024 in an existing, relatively low-rise building that’s accessible
by car and transit (Google). CLICK IMAGES TO ENLARGE THEM.

Cuyahoga County’s Department of Public Works this week issued a request for proposals from building owners and real estate brokers who can accommodate the requirements of a proposed consolidation of operations by the Cuyahoga County Board of Elections (BOE) into a new location. For decades, the BOE’s main offices have been located at 2925 Euclid Ave. in Cleveland’s Midtown neighborhood. But it also has two other locations that, in total, equal the size of their main offices and could be consolidated into a new, accessible location by year’s end, county officials said.

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Browns, city want you to rule out FES renovation

FirstEnergy Stadium is only 24 years old and will be 30 just a few months
after the Cleveland Browns’ lease with the city runs out at the end of the
2028 National Football League season. Where the Browns play after that
will depend on a community dialogue that will take place over the next
two years (Google). CLICK IMAGES TO ENLARGE THEM

I write that after this week’s statement from Browns owners Dee and Jimmy Haslam which followed NEOtrans’ most recent article about the Browns’ desire for a new all-purpose stadium for Cleveland. At the National Football League’s (NFL) Annual Meeting, the Haslams said “They remain committed to upgrading the Browns’ stadium — with the primary goal of renovating FirstEnergy Stadium in accordance with the City of Cleveland’s plans to upgrade waterfront area between Lake Erie and downtown.”

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