Downtown apartment occupancy climbs higher

Cleveland

• Downtown Cleveland apartment occupancy ended 2014 at a near-record high, while the office market

continued to constrict thanks in part to residential conversion projects. A recent report released by the

Downtown Cleveland Alliance showcased this pivotal shift underway in the center city, a longtime office

district that is becoming a mixed-use neighborhood. Apartment makeovers of historic buildings are

chewing up underutilized and obsolete office space.

Source: JLL Research, Downtown Cleveland Alliance, Plain Dealer

Chart of the week: February 16, 2015

85%

90%

95%

100%

3,000

4,000

5,000

6,000

Q4 2

010

Q4 2

011

Q4 2

012

Q4 2

013

Q4 2

014

Units

Occupancy

Market-rate apartments in downtown Cleveland