In the latest edition of our monthly news brief, JLL’s regional team curates the top commercial real estate industry articles impacting Ohio markets to keep you in-the-know.
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Strengthening Economy Sparks Demand and Leasing Activity in Cleveland
Redevelopment projects have introduced new residential space in Cleveland, sparking a population boom in the city over the last five years.
Investors have since taken notice of the improving market conditions. However, with few office development projects in the pipeline, rental rates are expected to rise in the urban core. As a result, developers are shifting focus to the East submarket where several construction projects are currently in the works.
As residents and businesses flock to Cleveland, the city’s strengthening economy will continue to increase demand for office space, lowering vacancy rates in the coming months.