83770-87607 ۞Call Girls In Near The Park Hotel (Cp) Delhi
JLL Cleveland Office Insight - Q1 2016
1. Address Use Size Sales price
100 Public Square Office 815,000 s.f. $79.0M
230 W Huron Retail 577,000 s.f. $56.5M
1600 W 2nd Street Office 321,000 s.f. $34.5M
24 Public Square Hotel 491 rooms $20.5M
75 Public Square Office 150,000 s.f. $4.0 M
Recent sales comps near Public Square
Source: JLL Research, Real Capital Analytics
Office product taken offline for residential conversion (m.s.f.)
Source: JLL Research
Rockside Corridor office market fundamentals
Source: JLL Research
Public investment induces private investments near Public Square
The economic theory that public investments in infrastructure will generate
increased levels of private investment is proving true once again in the heart of
downtown Cleveland. The $50.0 million overhaul of Public Square in the core of
downtown Cleveland is fast approaching a June 2016 completion date. The 10-
acre transformational project has caught the interest of real estate investors, who
have been active in acquiring property adjacent to the square. A handful of
properties have transferred in the last two years with a combined value of $194.5
million. However, the Key Center complex, which is currently listed for sale and
includes 1.3 million square feet of office space and a 400-room Marriott, could
trade for more than all of the recent sales combined—as much as $285.0 million.
Residential demand has a positive impact on the downtown office market
Residential demand in downtown Cleveland has increased significantly over the
last 15 years and this has had a positive impact on the office market. The
increase in demand has been driven predominately by the millennial generation
and a desire to live, work, play in the urban core. The downtown population now
stands at 14,000, representing a 79.0 percent increase since 2000. The increase
in demand has required a significant amount of new supply. While a portion of
this added supply has been ground-up construction, the majority has been the
product of residential conversions of underutilized and functionally obsolete
office buildings. In total, more than 3.3 million square feet of office product has
been repurposed into residential, leading to a tightening of the office market.
The suburban submarkets quietly regain their footing
With so much excitement and focus on downtown Cleveland and its high profile
wins in recent quarters it’s easy to understand how the suburban submarkets
could be overlooked. However, once considered down-and-out by many, the
suburbs have quietly regained their footing. This is particularly true in the
Rockside Corridor, Cleveland’s largest suburban submarket. Rockside has
retained several key tenants and attracted a few new ones in recent quarters.
Those tenants include Farmers, Honeywell, Vox Mobile and Chart Industries.
While the average asking rate in the submarket has remained fairly flat over the
last six years, the vacancy rate has recorded a substantial reduction.
Market continues to strengthen, forecast is positive
2,257
Office Insight
Cleveland | Q1 2016
27,792,677
Total inventory (s.f.)
95,963
Q1 2016 net absorption (s.f.)
$19.10
Direct average asking rent
47,000
Total under construction (s.f.)
19.5%
Total vacancy
95,963
YTD net absorption (s.f.)
0.3%
12-month rent growth
33.3%
Total preleased
15%
25%
35%
$18
$19
$20
2010 2011 2012 2013 2014 2015 YTD
2016
Average asking rent Total vacancy
0.0
0.4
0.8
1.2
2012 2013 2014 2015