JLL Cleveland Chart of the Week: July 18, 2016
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Office-to-residential conversions continue to tighten the office market Cleveland Source: JLL Research, Google Earth Chart of the week: July 18, 2016 • The residential conversion of office properties in downtown Cleveland continues to be a major theme. Since 2008, more than 4.8 million square feet of office product has been identified for residential redevelopment. At first, the office buildings that were targeted for conversion were vacant and functionally obsolete. But now, developers have moved their sights to underperforming office buildings with existing tenants. The impact of these conversions will have a compounding effect since developers are removing inventory and consolidating tenants into the remaining supply. Shaded buildings represent planned or completed office-to-residential conversions
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Transcript of JLL Cleveland Chart of the Week: July 18, 2016
Office-to-residential conversions continue to
tighten the office market
Cleveland
Source: JLL Research, Google Earth
Chart of the week: July 18, 2016
• The residential conversion of office properties in downtown Cleveland continues to be a major theme.
Since 2008, more than 4.8 million square feet of office product has been identified for residential
redevelopment. At first, the office buildings that were targeted for conversion were vacant and
functionally obsolete. But now, developers have moved their sights to underperforming office buildings
with existing tenants. The impact of these conversions will have a compounding effect since developers
are removing inventory and consolidating tenants into the remaining supply.
Shaded buildings represent planned or
completed office-to-residential conversions
