CLEVELAND -- – Downtown Cleveland Alliance today released the Downtown Cleveland Market Update for the fourth quarter of 2015. This quarterly report reveals a comprehensive overview of recent developments in Downtown Cleveland housing, office, retail, hospitality and transportation trends.
As Downtown Cleveland continues to grow its residential population and attracts businesses, the many transportation options in the urban core are increasingly important. Four out of five millennials have reported wanting a variety of transportation options for commuting to work and daily activities. Downtown Cleveland’s easy access to public transit, walkability and amenity rich neighborhoods makes it a desirable location to live, work and play. Since 2010, the overall ridership of the Greater Cleveland Regional Transit has grown five percent, with Downtown trolley ridership growing 62 percent.
The Q4 Market Update Report illustrates Downtown Cleveland’s growth both from a residential and business perspective. During the fourth quarter, Downtown Cleveland experienced a 97 percent occupancy rate. Since 2011, the Downtown market has added 1,700 new apartments. The occupancy rate has continued climbing an upward trend, rising from 91 percent to more than 97 percent – situated above the national average of 95 percent.
As Downtown’s housing market continues to grow, businesses are finding value in the educated, talented workforce located in Downtown Cleveland. Office space in Downtown continues to beat the surrounding suburbs in value as well as other regional downtowns in net absorption, with 116,214-square-feet in Q4 2015.