March 24, 2016
From the Downtown Cleveland Alliance:DOWNTOWN CLEVELAND — Downtown Cleveland Alliance (DCA) released its State of Downtown report at the annual State of Downtown forum held at the City Club of Cleveland to more than 225 stakeholders. The recap highlights the tremendous growth that the city center experienced in 2015 and the momentum that continues to propel Downtown Cleveland year after year.From an ongoing rise in residents to much-anticipated retail growth to a significant $6 billion in investment, Downtown Cleveland is booming on all fronts.“Downtown Cleveland has come a long way since property owners, businesses and civic leaders founded DCA 10 years ago,” said Joe Marinucci, president and chief executive officer of DCA. “While we are excited about the growth we have experienced so far, we are always looking ahead and expect the resurgence of Downtown Cleveland to continue well after the 2016 Republican National Convention.”In 2015, Downtown Cleveland welcomed nearly 40 new merchants into the market, including locally owned Heinen’s Grocery Store and Geiger’s. These desired developments directly feed into the upswing of Downtown’s designated retail trade area. The area, which includes Downtown and its surrounding neighborhoods, is home to more than 41,000 residents with an aggregate spending power of $884 million, up $100 million since 2011.The population of Downtown Cleveland continues to swell, rising above 14,000. While the main drivers of the population have been Millennials and Baby Boomers in the past, Downtown is now experiencing an increase in families with children as well as residents who range from 35 to 44 in age, illustrating that Downtown Cleveland is a becoming an alternative for parents who are looking to raise a family in a flourishing metropolitan environment.Much like the retail and resident components, businesses continue to find the value of a Downtown Cleveland address, with fifty organizations that relocated or recommitted in 2015. The sustained uptick in business development equates to keeping or adding more than 5,000 jobs to the market.Other report highlights include:- Between 2008 and 2015, Downtown experienced $6 billion in investment
- Residential occupancy is currently at 97 percent and has been above the industry average of 95 percent since 2014
- The population of Downtown Cleveland is up 79 percent from 2000
- Downtown’s Class-A office building vacancy is at 16.3 percent
- 3,315 apartments are currently slated to open or are under construction in Downtown Cleveland.
Contact:
Heather Holmes | Downtown Cleveland Alliancehholmes@downtowncleveland.com216-325-0992