Cleveland Office Market Sees String of New Projects
Trammell Crow and Cumberland Development’s Harborview project will be positioned on the lakefront next to the inner harbor and the Rock & Roll Hall of Fame. Cleveland’s central business district (CBD) continues to make headlines as events like the Republican National Convention , the 2016 and 2017 NBA Championships and the 2016 World Series earned national attention . Within the office market, trends such as “flight to quality” and office-to-residential conversions, which are driven by a hot apartment market , have reduced surplus supply and lowered vacancies. This has shaped metrics positively , and has put Cleveland in a position of strength for the upcoming years. The news of the year has been the purchase of Key Tower by Millennia Cos., a local real estate developer known mostly for multifamily. The company moved its headquarters from a property in Valley View to two entire floors spanning approximately 40 ,000 square feet in Cleveland’s signature office tower . Douglas Lea...