Downtown Cleveland’s residential boom showed no signs of slowing in this period, with new apartment communities coming online in both the Flats East Bank and the Playhouse Square District. Since 2011, the downtown market had absorbed more than 1,500 units while consistently holding occupancy rates above 95% — a remarkable feat that underscored just how strong demand remained. Experts projected that the market could support upwards of 5,000 new apartments in the current development cycle, with hundreds already under construction and thousands more in the planning pipeline. That growth wasn’t happening in a vacuum either; a highly educated and expanding downtown population of over 13,000 residents was catching the attention of business executives looking to relocate or expand, as well as retailers eager to tap into the area’s rising buying power.

3Q 2015 Market Report DCA