The Cleveland Leader, a competitor of grand old newspaper stalwart, The Cleveland Plain Dealer, reports that the Plain Dealer is considering renting out downtown office and parking space — space no longer needed due to “staff reductions.”

The Leader claims that Plain Dealer employees received a memo Monday about leasing space in its newly-constructed building to prospective tenants. The Leader says that the employee memo reassures workers that “there will continue to be plenty of cost-effective, secure parking available to you, as well as the continuation of a wonderful work environment at our Superior Ave. facility.”

In its own article about the proposed cost-saving measures, the Plain Dealer also discloses that it will be looking for a buyer for a 50-acre parcel of land near its recently-built printing and distribution facility.

The newspaper industry is in the midst of a dramatically-shrinking circulation, as readers seek more up-to-the-moment news coverage from online outlets. Advertising revenues for traditional media are likewise declining, and newspapers and magazines are scrambling to cover expenses while trying to find a business model that will work in this new media age. Even the venerable New York Times, which last month staked its headquarters building as collateral for a $250 million operating loan, today began (gasp!) running advertising on its previously pristine front page.

Image: Thomas Claveirole