The ‘build it and they will come period is over’ for downtown Cleveland apartment market – Crain’s Cleveland Business

A Crain#8217;s survey of downtown apartment operators supports rising concern but not hand-wringing.

The big factor in the coming year is how recently opened projects — several finished after the prime spring and summer leasing season — fare. New projects may add a huge number of apartments to the market at one time.

#8220;Most analysts like to see a 5% vacancy factor,#8221; Vogt said. #8220;That allows tenants to have choices and to move around.#8221; He said he believes the downtown market will hit at least 7% vacancy this coming year.

Doug Price, CEO of Willoughby-based Kamp;D Group which has five downtown apartment buildings and is in the throes of adding apartments to a sixth in the $60 million renovation of the Halle Building, 1228 Euclid Ave., in an office-residential hybrid, said he believes the market is beginning to normalize.

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