Long vacant CBD buildings continue to be repurposed – NAI Daus 2Q 14 Office Report

The Northeast Ohio office market continues to improve and overall net absorption year to date is nearly 50,000 square feet. Large blocks of class A space are scarce in some areas, prompting plans for several new office developments between downtown and Chagrin Boulevard. The developers of the Flats East Bank Project have announced plans to proceed with a second office development, likely on a speculative basis. Phase II of the project is already underway with apartments and retailers being added to the Ernst & Young Tower and Aloft Hotel. In the NineTwelve District, the repurposing of two long vacant office towers is nearly complete and both buildings will offer high-end apartment units. The conversion removed over one million square feet of long-vacant office space. The Cuyahoga County administration facility will be ready for occupancy this summer, at E 9th and Prospect, and will bring hundreds of employees back to this vital corridor.

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NAI Daus Office 2nd Qtr 2014