Key Tower in Cleveland, the city's most notable office property, commands the highest rents and has a vacancy rate in the single digits.
CLEVELAND—Starting in the 1970s, the downtowns of major cities across the US went through a few tough decades as corporations fled to suburban office campuses and the streets got quiet after sundown. But many CBDs, especially in the Midwest, recently grew more attractive to both users and investors.
Cleveland is one of the best examples of an older industrial city finding new life. The migration to its suburbs reversed in the past five years, and developers have created thousands of new, well-occupied apartments out of obsolete office space. In their wake, retailers opened up shops and grocery stores. New entertainment options and amenities have also flourished.
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Brian J. Rogal
Brian J. Rogal is a Chicago-based freelance writer with years of experience as an investigative reporter and editor, most notably at The Chicago Reporter, where he concentrated on housing issues. He also has written extensively on alternative energy and the payments card industry for national trade publications.
