Financial Crisis has Cleveland Worried


	Financial Crisis has Cleveland Worried

presohio

11-22-2008 4:50 PM

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tags:

downtown, revitalization, financial crisis, cleveland

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<div style="margin: 12px 0px; font-family: arial; color: #333333; background: #ffffff; border: solid 4px #e5e5e5; width: 100%; clear: left;"><div class="CM_CTB_Content_Wrap" style="margin: 0px; padding: 0px;background-color: #ffffff;"><div style="border-bottom: solid 1px #dcdcdc; white-space: nowrap; margin-bottom: 8px; background-color: #eeeeee ;background-image: url(http://www.clipmarks.com/images/source-bg.gif); background-repeat: repeat-x; height: 24px; line-height: 24px; vertical-align: middle; padding-bottom: 4px; color: #666666; font-size: 10px;" ><a href="http://clipmarks.com/clip-to-blog/" title="see clips that are hot right now"><img src="http://content.clipmarks.com/blog_embed/7655885c-fe9d-4479-ba0f-fbc5954d28df/B50A1A6B-F969-4F6A-A577-7C534445605D/" alt="" width="19" height="19" border="0" style="vertical-align: middle; margin: 0px 4px; display: inline; border: none; float:none;" /></a>clipped from <a title="http://blog.cleveland.com/business/2008/11/city_fears_downtown_office_vac.html" href="http://blog.cleveland.com/business/2008/11/city_fears_downtown_office_vac.html" style="font-size: 11px;">blog.cleveland.com</a></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://blog.cleveland.com/business/2008/11/city_fears_downtown_office_vac.html"><div align="center"><img src="http://content7.clipmarks.com/blog_cache/blog.cleveland.com/img/873D863E-278E-4DB6-80AC-F260A156EC44" alt="" /></div></blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://blog.cleveland.com/business/2008/11/city_fears_downtown_office_vac.html"><P>Trouble on Wall Street could lead to vacancies on Cleveland's main streets, gutting floors of downtown office buildings as banks and financial-services companies merge, cut back or crumble. </P></blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://blog.cleveland.com/business/2008/11/city_fears_downtown_office_vac.html"><P>Public officials and local real estate professionals are nervously watching for shifts beneath the city skyline. As they pinpoint potential holes, they're discussing ways to market downtown, lure companies from the suburbs and fill gaps with new businesses and, possibly, government offices. </P></blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://blog.cleveland.com/business/2008/11/city_fears_downtown_office_vac.html"><P>The most obvious trouble source is National City Corp., which owns or leases roughly 740,000 square feet downtown. As PNC Financial Services Group takes over, the Pittsburgh-based bank is sure to shed some of National City's 2,000 downtown employees and cut office space in Cleveland's central business district. 
</P></blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://blog.cleveland.com/business/2008/11/city_fears_downtown_office_vac.html"><P>"We could end up with a much softer office market than people would like," said David Browning, managing director of the CB Richard Ellis brokerage in Cleveland. </P></blockquote></div><div style="margin: 0px 6px 6px 4px;"><table style="font-size: 11px;border-spacing: 0px;padding: 0px;" cellpadding="0" cellspacing="0" width="100%"><tr><td style="background:transparent;border-width:0px;padding:0px;">&nbsp;</td><td align="right" style="background:transparent;border-width:0px;padding:0px;width:107px" width="107"><a href="http://clipmarks.com/share/B50A1A6B-F969-4F6A-A577-7C534445605D/blog/" title="blog or email this clip"><img src="http://content8.clipmarks.com/images/c2b-foot.png" border="0" alt="blog it" width="107" height="17" style="border-width:0px;padding:0px;margin:0px;" /></a></td></tr></table></div></div>

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