CLEVELAND — “Promising findings” that indicate growth in the city of Cleveland were the focus of a new “Midyear Market Update” provided by Downtown Cleveland, Inc. Wednesday morning.
Among the highlights:
- Foot traffic reached 87 percent of pre-pandemic levels
- Apartment occupancy rose to more than 91 percent
- More than 1,700 apartments, town homes and condominiums are under construction
- There’s more than $1 billion in development underway in the city
- Office: 81.9 percent overall occupancy
- Hospitality: 54.2 percent with a peak of 68.8 percent in June
Downtown Cleveland, Inc. -- which was formerly known as the Downtown Cleveland Alliance -- says the data was obtained from Placer.ai, key fob swipes, extensive surveys and comprehensive studies.
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“The data affirms that Downtown, as the economic engine of Cleveland, is thriving and strongly positioned to meet the challenges of the moment and the future,” said Audrey Gerlach, Downtown Cleveland Inc.’s Vice President of Economic Development & Chief of Staff. “Downtown Cleveland, Inc. has a clear direction with strong public and private support to build upon this foundation.”
You can explore the full Midyear Market Update by exploring the document below…
This report comes nearly two months after Cleveland Mayor Justin Bibb and other local leaders announced a plan to reimagine downtown Cleveland with a focus on strengthening environment, economy and experience.
You can read full details of that plan HERE.
