Conversion of offices to apartments lead to lower office vacancy rates in downtown Cleveland

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Conversion of offices to apartments lead to lower office vacancy rates in downtown Cleveland
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Two new reports sizing up the use of downtown Cleveland office space note shrinking vacancy rates, but say that is in part due to conversion of office space to residential uses.

CLEVELAND, Ohio –

Newmark, another real estate company, also released its third-quarter report that showed a decrease in the vacancy rate from 19% at the end of September last year to 18.5% this year. Newark also noted that the asking rental price had only increased by 1 cent per square foot. The JLL and Newmark reports agreed that there was no expectation for huge increases in rent prices over the next few months. The real estate firms also said that sublease availability is up

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