Story perspectives

Cleveland's Downtown Faces High Vacancy, Potential Transformations Ahead

7/25/2025

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Summary

Story summary

The Nine-Twelve District in downtown Cleveland is experiencing significant vacancy rates, with an auction for the 1100 Superior Ave. office building scheduled next month.
In Q2 2025, the office market recorded 131,373 square feet of negative absorption, increasing the vacancy rate to 23.1%.
The industrial sector also faced challenges, with 2.8 million square feet of negative absorption and a 5.2% vacancy rate.
There is potential for converting underperforming office buildings into housing and data centers to meet growing demand.

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Story summary

The Nine-Twelve District in downtown Cleveland is experiencing significant vacancy rates, with an auction for the 1100 Superior Ave. office building scheduled next month.
In Q2 2025, the office market recorded 131,373 square feet of negative absorption, increasing the vacancy rate to 23.1%.
The industrial sector also faced challenges, with 2.8 million square feet of negative absorption and a 5.2% vacancy rate.
There is potential for converting underperforming office buildings into housing and data centers to meet growing demand.