Talent Tops the List of Criteria for Office Occupiers
The Cleveland office market recorded 162,315 square feet of positive net absorption during the second quarter of 2018. A large portion of this gain can be attributed to Forest City’s relocation to 147,000 square feet in the Key Center Tower. The space left behind at Terminal Tower is slated for conversion to apartments so has not been added as competitive available space. The overall market vacancy rate bumped up 20 basis points to 13.4%. With the delivery of the Offices at Pinecrest and Van Aken District, little speculative construction remains in the pipeline, mitigating the negative impact on the supply side and vacancy rates should remain stable.