Michael Deemer from The Downtown Cleveland Alliance spoke to Bill about Office Market Strengthens - Residential Market Meets an Increase in Apartment Supply
Office Market Strengthens
- Class A occupancy held steady at 86%, while overall occupancy grew to 84.8%. This is an increase of nearly 4% from Q1 2020, signaling the perseverance of place-based work.
- The momentum continues as businesses continue to sign downtown leases.
- ESPN Cleveland
- McCarthy Lebit
- Transition Studios
- AML Rightsource
- iHeart Media
Residential Market Meets an Increase in Apartment Supply
- Rental occupancy experienced a dip to 83% as an influx in supply became available.
- Downtown met our longstanding goal of reaching 20,000 residents in the first quarter, and we are now moving the bar higher to reach 30,000 residents by 2030.
Last year, the hospitality and the service industries took a hit. How are those industries looking in the first quarter of 2021?
Hotels Show Promise
- Q1 brought a7% increase in hotel occupancy from Q4 2020.
- This signals an uptick in activity and a return of business and leisure travel, bringing business to hotels, restaurants, and destination venues.
New Retailers are Opening
- Downtown has already welcomed seven new restaurants and retailers this year, and this list is growing.
The numbers tell a good story, but only part of the story.
For more information or if you’re considering relocating or expanding your business in Downtown Cleveland, visit DowntownCleveland.com