As 2021 continues to present challenges and questions in regards to commercial real estate trends, there is positive news coming out of the Downtown Cleveland Alliance (DCA)’s 2020 Downtown Cleveland Annual report. Building upon years of private and public investment, the city has progressed even during these trying times.
Ongoing and planned investment shows a promising trajectory, with at least six major real estate development projects currently underway, and $320 million in development completed last year.
Downtown Cleveland is the largest jobs hub in the state of Ohio, attracting talented professionals to a vibrant urban community. Likewise, the outskirts of Downtown provide easy access to all that Cleveland has to offer while stepping out of the bustling center. All together, the city of Cleveland has potential for any business or property owner looking to purchase Cleveland buildings for sale.
The Remote-Work Effect
According to DCA, even though there was a surge in remote work during the pandemic, there remained strong leasing activity for office space, even increasing the occupancy rate from 80% in 2019 to 81.1% in 2020. Employers believe that the office will remain a staple in the future of work, the report says, due to space-based work being key to building culture, attracting talent, and maximizing collaboration and productivity.
The City of Cleveland and property owners have chosen to renew the Downtown Cleveland Special Improvement District for another five year term (2021-2025), according to the report, positioning central Cleveland well for the future and continued momentum. The Special Improvement District promotes the economic, residential and cultural vitality of the city, overseen and managed by the Downtown Cleveland Improvement Corporation. This indicates that funds will continue to be allocated to city improvements and enhancements that draw business.
In fact, in 2020, 53 businesses were attracted or retained in Downtown Cleveland’s office market, including megacorp Sherwin-Williams, who announced plans to build their global headquarters here last year. Amidst the COVID-19 pandemic, DCA’s Business Development Center has provided resources and support to businesses Downtown via an online portal. With the support of city resources and organizations, businesses that locate their office space Downtown are primed for success.
Residential buildings are also showing promise
Cleveland buildings for sale that fall on the residential end of the spectrum provide similar benefits, and are just as in-demand. Construction has been completed on several large residential buildings in Cleveland in 2020 and multifamily investment hasn’t slowed down.
The combination of affordable cost of living, entertainment, and food options make Cleveland a desirable place to live.
As we move into the second half of 2021, CRESCO Real Estate will continue to provide insights, support and guidance for those looking for Cleveland buildings for sale, whether for residential or commercial use. Contact us today for more information.
To learn more about how CRESCO, Greater Cleveland’s leading commercial real estate company, can help you with your property needs, contact us at 216.520.1200, or fill out the form below. A CRESCO professional will contact you shortly.