Downtown Cleveland Update with Michael Deemer

Downtown Cleveland Update with Michael Deemer

Downtown Cleveland Update with Michael Deemer

 

Downtown Cleveland Alliance Update With CEO Michael Deemer - 4-18-24

Michael Deemer, President & CEO from The Downtown Cleveland Alliance spoke to Bill about NCAA Weekend + Eclipse Metrics - Downtown Cleveland’s Office Market Flight to Quality - Public Square Visioning Workshop  - #DTCLE Perks

NCAA Weekend + Eclipse Metrics 

  • NCAA Weekend 482K (approximately 32K more people than an average weekend) 
  • Eclipse: 152K visits to Downtown for the eclipse, 633.7K for Friday-Monday. This is a 100.3% recovery compared to April 2023. This is an 84% recovery compared to 2019 
  • 19.9K went to NCH for the eclipse, and 2.5K went to Public Square. 

 

Downtown Cleveland’s Office Market Flight to Quality 

  • Although hybrid work remains part of everyday life, many office tenants remain committed to maintaining a physical office presence. 
  • JLL’s 2024 Tenant Migration Study shows that new and retaining tenants are prioritizing the central business district and leaning into the flight-to-quality trend in leasing decisions.  
  • The study analyzed office leases signed in Cleveland made up of 5,000+ square feet since January 2020, and of the new leases signed, 50% of them were building class upgrades.  
  • Since 2020, Downtown has seen a net addition of 18 tenants who either committed or recommitted to the CBD.  
  • According to CBRE’s 2024 Q1 office insight report, Downtown has now seen positive net absorption in the office market for three quarters in a row.  
  • All these trends signal that while hybrid and remote work are here to stay, tenants and professionals still see the value in place-based work and the value of choosing Downtown. 

 

Public Square Visioning Workshop 

  • Downtown Cleveland, Inc. invites you to join us for one of our upcoming Public Square Visioning Workshops on April 17th and 18th. 
  • Downtown Cleveland was recently granted a $100,000 Community Placemaking grant from Projects for Public Spaces funded by General Motors to allow us to make Public Square a more welcoming place with frequent programming. 
  • The workshop will focus on identifying easy-to-implement improvements that will make it a vibrant place for residents, office workers, and visitors to enjoy. Come share your ideas and contribute to the vision for an active and safe Public Square. Food will be provided. 
  • Come share your ideas and contribute to the vision for an active and safe Public Square. 
  • Learn more about this workshop at downtowncleveland.com 

 

#DTCLE Perks  

  • Our Downtown Worker Appreciation Program returns on Thursday, April 18th 
  • Stop by and say hi at One Cleveland Center Plaza and Fifth Third Center from 8-9:30 am for coffee and snacks! 

For more information on Downtown Cleveland’s recovery, or if you’re interested in relocating or expanding your business into Downtown Cleveland, visit DowntownCleveland.com


Sponsored Content

Sponsored Content