The Challenge
The Cleveland suburban sub-market was competitive and was also competing with a market resurgence in the Downtown CBD market. Vacancies in the submarket were 20% with negative absorption. Rents were averaging $21.50. Retaining the anchor tenants was important in order to attract smaller tenants.
The Solution
In order to appeal to financial, technology, advertising, media and information tenants, we developed common areas program that created a collaborative co-working environment. We also revitalized the food service operation, cafe, fitness center, outdoor seating areas and outdoor fitness trails. We enhanced WiFi service in all common areas and outdoor areas.
The Results
Subsequently, the buildings continued positive absorption in a competitive market and brought the vacancy rate to 15% while achieving average rents of $25.00/SF.
