Report | Cleveland Office Insight - Q4 2015
Cleveland’s tenants should have favorable conditions over the next year, as corporate rightsizing continues to drive up vacancy rates downtown. Trophy product was hit especially hard in 2015 by this consolidation, with vacancy rates for that class of property rising 9.2 percent year-over-year.
With primary markets being mostly oversold, investors taking advantage of opportunities in Cleveland. Sales activity continues to rise and investment-grade assets made up a large percentage of trades in the last few quarters. Hertz Investment Group alone spent more than $88 million on two properties in 2015.
Learn more about what’s happening—and what we expect to occur in the coming months—in Cleveland’s office market in our Q4 US Office Insight.
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