Downtown Cleveland carried strong momentum into the first quarter of 2018 across nearly every front. The office market saw a wave of commitment, with companies like The NRP Group and Electronic Merchant Systems announcing plans to plant their headquarters downtown, while others chose to stay and deepen their roots in the urban core. The hospitality sector proved equally resilient, posting a 68.5% hotel occupancy rate to open the year — an impressive figure considering more than 1,000 new hotel rooms had been added just two years prior. Downtown also flexed its event-hosting muscle by drawing over 30,000 visitors for the NCAA Division I wrestling tournament, generating an estimated $15 million for the region. Add in a fresh crop of retail arrivals, a nationally recognized brewpub, and a residential occupancy rate holding steady above 93%, and Q1 2018 painted a picture of a downtown firing on all cylinders.

2018 1st Q Market Report