With downtown Cleveland's office vacancy rate three percent lower than it was two years ago and vacancy rates hovering around four percent for apartments, new retailers are leasing empty storefronts in the area. Eleven new retailers will open this year, bringing fresh concepts to the local scene.

New offerings include Cleveland Chop in the former Cleveland Chophouse location on St. Clair, Mirch Masada, Red the Steakhouse, four new shops in the Fifth Street Arcades, Walk in the Park Cafe, Table 9 Martini Lounge and Market Creations Cafe.

Michael Deemer, Vice President of Business Development and Legal Services for Downtown Cleveland Alliance (DCA), cites Walk in the Park and Table 9 as two examples of downtown's resurgence. "We're seeing the area around Perk Park in the NineTwelve District attract new investment in long-dormant retail spaces formerly occupied by One Walnut and the Atlanta Bread Company," he says.

Although Red the Steakhouse isn't slated to open until late summer or early fall, Walk in the Park and Table 9 could open within the next month, Deemer says.

It's a sign of the market's health that empty spaces are being filled. "Cleveland Chop is being reopened by the original owner of Rock Bottom Brewery," he says. "It really does speak volumes that as places like Cleveland Chophouse and Bricco close and are in need of freshening the concept, they're reopening right away."

"There was a lot of concern initially when Cleveland Chophouse closed, but we knew... that there were literally dozens of inquiries as soon as the news hit."

Although office vacancy increased slightly in Q1 2013, Deemer says this is because of Eaton's departure. "We've had 25 new businesses move into downtown committing over 4,000 new jobs in the last two years," he says. "Retailers are responding exactly how we would expect them to, following where the people are."

Source: Michael Deemer
Writer: Lee Chilcote