Market Spotlight: Cleveland

3 Factors Driving Cleveland

1. Conversions

   Leading the Charge in Office Conversions

   
   

   Cleveland is experiencing an exciting period of expansion, setting the bar as the country’s leading market for office conversions. This speaks volumes about the city’s forward-thinking and progressive mindset, as it prioritizes sustainable and conscientious development.
   
   In the heart of Cleveland’s downtown, outdated and empty office buildings have been reborn as vibrant apartments and hotels, injecting fresh energy into the city center. These conversions have not only revitalized the area but have also attracted a wave of new residents, infusing the district with a renewed sense of vitality.
   
   #1 market for planned/underway conversions as a percentage of total office inventory.
   
   Since 2016, more than 5.4 million square feet of downtown office space have been converted to new uses.
   
   

2. Major Developments

   $12.2B Invested in Area Development Transforming the Cleveland Region

   
   Bedrock Real Estate investing $3.5B to develop Cleveland’s riverfront. Project is comprised of over 12 acres, with 2,000 planned multifamily units and over 1M SF of commercial space.
   
   The Sherwin Williams Global Headquarters will consist of a two-story pavilion, a 36-floor office tower and a multi-level parking garage. This 1.3 million sq. ft. HQ will house over 3,100 employees and move-in is slated for early 2025. Along with the Brecksville R&D facility, the projects will total $600 million.
   
   The Cavs & Cleveland Clinic Global Peak Performance Center is a 210,000 SF new development project along the Cuyahoga River that will feature the Cleveland Cavaliers’ new practice facility and the Clinic’s sports health/wellness programs. Part of the Bedrock Riverfront Development.
   
   

3. Industry

   Thriving Ecosystem of Manufacturing, Healthcare, and Logistics

   
   Cleveland’s diverse economy is anchored by three key industries: manufacturing, healthcare, and logistics.
   
   Innovation and skilled labor drive the paint, aerospace, and advanced materials industries.
   
   The healthcare sector, led by the Cleveland Clinic, is globally recognized, driving medical services, research, education, and biotechnology.
   
   Cleveland’s strategic location and robust infrastructure make it a significant player in the logistics and transportation industry. The city’s extensive network of highways, railways, and ports facilitates the efficient movement of goods and services, making Cleveland a regional logistics hub.