Despite COVID-19’s grasp, Downtown Cleveland is back to bustling. Office and retail space continues to grow as more and more employees make their way back to their downtown offices. The Downtown Cleveland Alliance’s (DCA) “recovery report” indicated 90% of employers have returned to downtown, with either full-time or hybrid models. Just in time for their employees to enjoy the 35 new shops and restaurants that have opened downtown since March 2020.
In the business…of business
As more businesses make their way back downtown, now’s the perfect time to join them. With the availability of office space, there’s plenty of opportunities to expand your business or relocate your headquarters to Downtown Cleveland.
How about a luxe and modern facade minutes from Progressive Field? Maybe you prefer something with historic touches, within walking distance of West Side Market — think of the lunchtime sandwich runs! Speaking of West Side Market, how about something right next door? Looking to launch a new retail business? Check out this property nestled in the heart of the historic and popular Flats District. Maybe you’d prefer something farther East, within walking distance to our museums and close enough to Asia town that your employees could reasonably eat pho every day. Hoping for a lake view? This property gives stunning views of Lake Erie and our treasured Rock & Roll Hall of Fame. For the best of all worlds, how about an ultra-modern tech space overlooking the river ?
No matter where you look, with more than $8 billion invested in Downtown Cleveland over the last decade and 30,000 residents projected to live here by 2030, according to DCA, Downtown Cleveland is definitely a great place to be.
The 2021 Rock & Roll Hall of Fame Induction Ceremony saw the likes of Taylor Swift, Carole King, JAY-Z, LL Cool J, Paul McCartney, the Foo Fighters and more at our very own Rocket Mortgage Fieldhouse this October, proving Cleveland can hold its own against previous ceremony locations like New York City and Los Angeles. There’s plenty to see, do and eat. Just ask the Foo Fighters who hit up downtown’s Soho Chicken and Whiskey prior to the ceremony.
Cleveland may see more famous faces in the months to come as it’s poised to host the 2022 NBA All-Star Game on February 20, 2022, again at Rocket Mortgage Fieldhouse. This will mark the 75th anniversary of the All-Star Game and 25 years since Cleveland last hosted in 1997.
With the increase in retail and office space, new businesses, and these popular events, it’s no surprise visitor traffic is on the rise. DCA reports downtown hotel occupancy increased by 23% from 2020, and as of September 2021, Downtown Cleveland showed a 45% improvement in weekly visits compared to September 2020. Foot traffic is also way up over last year, up 99.2% since last September.
Downtown Cleveland might be having a bit of a Renaissance with new businesses, new opportunities for growth, and national events putting us on the world stage.
CRESCO Real Estate can help you get the most out of downtown — before everyone else does. 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.