The second quarter of 2018 was a landmark period for Downtown Cleveland, marked by bold investments, major events, and continued progress on nearly every front. Historic buildings were finding new purpose, with renovation projects and adaptive reuse conversions adding to the downtown housing stock even as apartment occupancy held strong following the delivery of over 1,000 new units in the prior year. The office market was tightening, with Class A vacancy rates closing in on single digits and established companies like The NRP Group settling into newly renovated spaces. Meanwhile, downtown proved its mettle as a premier event destination — the Rock and Roll Hall of Fame Induction Ceremony brought in $16 million in economic impact, and the Cleveland Cavaliers’ fourth consecutive NBA Finals run generated an estimated $38 million for the broader Northeast Ohio region. Retail continued to respond to growing residential demand, with a dozen new shops and restaurants joining the mix.

Q2 2018 Market Updated