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Market Report

Cleveland Office Market Report

2024 Investment Forecast

Cleveland Holds the Lowest Midwest Vacancy Rate,
Aided by Redevelopments and Medical Offices

Adaptive reuse projects support occupancy rates, particularly in the core. This year, Cleveland will maintain its standing as the lowest-vacancy major market in the Midwest, aided by limited construction and the removal of outdated space. Cleveland is one of the top markets for office redevelopments in the country. In 2023, several redevelopment projects, including 55 Public Square, were completed — repurposing older unused buildings into residential or mixed-use space. Other vacant buildings that are slated for, or currently under, redevelopment going into 2024 include the Erieview Tower and The Centennial. Cleveland is home to many older buildings with smaller floorplates, and the city has provided commercial tax abatements for many such projects, incentivizing future developments. These projects not only take unused space off the market, but can also draw companies downtown into mixed-use spaces or near newly residential areas. The underway Sherwin-Williams Global Headquarters, for instance, is slated for delivery this year on the same street as the 55 Public Square redevelopment.
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