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Area, City and Neiithborhood Analysis, Continued <br />At the end of 2023, the office vacancy rate, according to Newmark, was 23.4% with average asking rental <br />rales at $19.99 per square t'eet. Pre -pandemic, office vacancy was the lowest since 2001, at 15.8%, with <br />average rental rates around $18 per square foot. Since 2013, over 6 million square feet of office product <br />in the CHI) has been converted or plans have been proposed for re -purposing, according to Newmark <br />Knight Prank. According to the Downtown Cleveland Alliance, second quarter 2023 office lease rates <br />were $25.97 per s.f. for Class A space with occupancy at 85%. The resurgence of activity is visible in <br />downtown's office market, where the second quarter brought Class A occupancy up to 87.1%. <br />Commitments from employers like Transition Studios, AML RightSource, and Cross Country Mortgage, <br />who broke ground on a new headquarters in downtown's Superior Arts District in June, have contributed <br />to stabilizing downtown's office market. 141'he following table summarizes downtown Cleveland data. <br />.non <br />aw <br />'I Dial Unit: <br />4,705 <br />7,160 <br />.o <br />9.178 <br />9172 <br />Occupancy: <br />96.2% <br />91.7% <br />85% <br />91% <br />93% <br />PsP rcnlal: <br />mal' <br />day i� <br />$1.52 <br />$1,72 <br />..! <br />.A <br />O' <br />.o. >n. ,... ...n <br />�a <br />�4 �Yw RMM4�1 �IMMwMIMI <br />—iM1V/.�FIMI <br />--✓/9'i`n I.R V.w9im.W P>M <br />Apartment occupancy rates are at 85% despite the pandemic and multiple new residential projects. The <br />average downtown rental rate increased from $1.37 to $1.55 per square foot in 2018 and has remained at <br />$1.52.15 In 2018, Downtown Cleveland Alliance engaged Urban Partners to study the demand for <br />additional housing. rFhe study confirmed demand for an additional 6,800 housing units between 2018- <br />2030 bringing Downtown Cleveland's population to 30,000 by 2030. In the second quarter of 2022, there <br />were 20,500 resident% downtown. Multifamily development has expanded beyond downtown with new <br />construction in University Circle and the Detroit Sho away and Ohio City neighborhoods. <br />00WNIOWN HOUSING MARKT r <br />042012 03 20181^ 02 2021 ^ 01 2022'" 042022 <br />RI-XIAI. <br />'I Dial Unit: <br />4,705 <br />7,160 <br />9,054 <br />9.178 <br />9172 <br />Occupancy: <br />96.2% <br />91.7% <br />85% <br />91% <br />93% <br />PsP rcnlal: <br />SI.14 <br />51.52 <br />$1.52 <br />$1,72 <br />$1] <br />°hugs//nmiv' I aquurGv'putv.",i /S0005d865531 IN8OMOW6 lli9f1de833s801247024941163 I W535950i1Zxa 14 Q2'RITOR I Y2 df <br />' hupnwww du,mmwndc.cmne,cm/mrdiM_4uo7a92_z0l S. anal $ tl1 <br />20 <br />C. P. BRAMAN & CO, INC. - Real Rstale ApMiwls & Consulting vn . cpbw.c in <br />