29 April 2017

As Rental Market Turns, Bedrooms Replace Cubicles

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CLEVELAND—During its heyday, the East Ohio Gas building was home to some of the most well-respected companies in the state, from the utility company that bears its name to national accounting firm Deloitte & Touche LLP.

But now the downtown 21-story tower, which has been vacant for five years, is set for a summer reopening as a luxury apartment building.

The property, named Residences at 1717, will include 223 apartments with sweeping views of Lake Erie and a private fitness center. For the privilege, the landlord plans to charge as much as $2,575 a month for a two-bedroom unit—or more than $17 a square foot annually. That's about 20% higher than what businesses were paying for space in the building when it still operated as an office tower.

The Residences are in the vanguard of a major realignment taking place in cities across the U.S. as landlords repurpose their buildings from spaces where people work to spaces where they sleep. In the process, the traditional economic relationship between residential and commercial real estate is turning upside down.

Click here for the full article in the Wall Street Journal.

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