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IndustrialMarket ReportsMidwestMidwest Market ReportsOhio

Why Industrial Users Are Taking a Closer Look at Cleveland

by Kristin Harlow

By David Stecker, JLL As advanced manufacturing reshapes industrial real estate across the Midwest, Cleveland is emerging as a quietly powerful hub — offering scalable space, a strategic location and infrastructure ideal for high-growth sectors. While other Midwest metros have gained national attention for headline-grabbing investments, Cleveland is carving out its own unique path to growth, supported by advanced industries, a skilled workforce and a strong real estate foundation. The region’s industrial market remains competitive and resilient, even amid broader economic headwinds. Despite the recent move-out of Joann Fabric’s 1.4 million-square-foot facility in Summit County, overall fundamentals remain healthy, and Class A space is in especially high demand.  For high-tech and manufacturing users seeking logistics-ready facilities in a cost-effective market, Cleveland delivers — offering the right mix of space, speed and strategic location that today’s industrial users are actively pursuing. A market of opportunity According to JLL’s second-quarter 2025 Cleveland Industrial Insights Report, total vacancy in the market sat at 3.8 percent. While this represents a slight uptick following Joann’s exit, it still signals robust market health. Class A availability is especially tight, driven by a wave of large leases signed in newly developed properties. That momentum is putting upward …

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CaliforniaIndustrialMarket ReportsWesternWestern Market Reports

San Diego Industrial Market Is Playing to its Advantages

by John Nelson

— By Bryce Aberg and Brant Aberg of Cushman & Wakefield — Optimism is returning to the San Diego industrial market after a few quarters of recalibration. Buyer appetite has resurfaced in core submarkets like Otay Mesa, Miramar and Carlsbad, which has created a ripple effect across the Greater San Diego industrial market. With an inventory of 162 million square feet as of the second quarter, San Diego is beginning to see the benefit of limited supply. Natural barriers like Mexico, the Pacific Ocean, Camp Pendleton and the nearby mountains are driving the San Diego industrial market toward full build-out. There is currently only 2.4 million square feet of inventory under construction, with not much more proposed.  Following the all-time highs in rent growth and positive absorption seen in 2021 and 2022, San Diego’s enduring fundamentals and built-in advantages have kept it in place as one of the most stable and competitive in Southern California. With a diversified tenant base, high barriers to entry and a strategic position on the U.S.-Mexico border, fundamentals have held while others in the Southern California region have struggled in comparison.  Bid-ask spreads are also starting to narrow as buyer and seller sentiments begin to …

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Market ReportsRetailSoutheastSoutheast Market ReportsTennessee

Memphis’ Retail Market Is Quietly Building Momentum

by John Nelson

When people think of Memphis, they often picture its musical legacy, its storied riverfront and its role as a logistics powerhouse. But fewer realize that Memphis is also quietly becoming one of the Southeast’s most dynamic retail markets.  Despite headwinds that have impacted large-format retailers nationally, Memphis continues to attract new-to-market brands, redevelop aging assets and create spaces that resonate with today’s consumers. Economic foundations Memphis is riding a wave of transformational investment across multiple sectors. Ford Motor Co.’s $5.6 billion Blue Oval City, where the company’s all-electric truck and battery plant will be built, is already reshaping the regional economy. Google’s announcement of a 1,178-acre, $10 billion data center and office campus in nearby West Memphis in Arkansas adds another layer of momentum, as does the creation of the world’s largest supercomputer by xAI. Coupled with St. Jude’s $10 billion expansion, these projects underscore the region’s growth trajectory and long-term employment base. In retail, the past year brought a temporary pause in net absorption, with approximately 317,000 square feet coming back to the market — primarily due to national big-box closures like Macy’s, Joann Fabrics and Big Lots. Yet these macro shifts don’t tell the whole story. By the …

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CaliforniaMarket ReportsMultifamilyWesternWestern Market Reports

San Diego Multifamily Market Remains Tight With Steady Gains in 2025

by John Nelson

— By Berkadia — San Diego’s apartment market is poised to strengthen in 2025, with demand poised to set a record and fundamentals outperforming most other major California metros. This is a welcome change from 2024, where a slower leasing environment for Class A properties led to more concessions.  The big story is demand. More than 9,900 net units are expected to be leased this year, surpassing the previous high of 9,500 in 2021. This figure will also outpace what is likely to be a record year for new deliveries, with 7,233 units slated to debut this year across the metro. By year-end, occupancy is projected to climb to 96.3 percent, up 90 basis points from 2024 and above the market’s 10-year pre-pandemic average. That puts San Diego ahead of Los Angeles, San Francisco-Oakland and San Jose on the occupancy leaderboard. Effective rent is expected to rise 3.1 percent year over year to a projected $2,868, marking a solid improvement from last year’s flat performance.   Fundamentals Point to a Solid Year  Employment growth remains a tailwind. The metro added 16,200 new jobs between May 2024 and May 2025, pushing total employment to nearly 1.6 million. That economic momentum is supporting …

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Fairview
Market ReportsTexasTexas Market Reports

How Two North Texas Cities Are Redefining Economic Development Strategy

by Taylor Williams

By Jane Witowich, business operations manager, Day One Experts In Collin County, two fast-growing Texas cities are charting a new path for economic development that prioritizes efficiency, adaptability and smart decision-making over traditional staffing models. Fairview and Melissa, a pair of suburban communities facing explosive population growth and mounting development pressure, have adopted a fractional approach to economic development. Instead of creating or adopting full-time, in-house departments, both cities have strategically partnered with outside expertise to stay visible in national site selection circles, foster new investment and keep costs in check. That decision, born out of necessity, is quickly proving to be a blueprint for others. A Model Rooted in Strategy The challenges faced by these teams in Fairview and Melissa are familiar to city leaders across Texas: developer interest is growing, expectations from residents are rising and yet budgets remain constrained. Hiring full-time economic development staff, building marketing infrastructure and funding national outreach campaigns — these initiatives often stretch beyond what smaller cities can reasonably afford. Rather than let those constraints define them, Fairview and Melissa made the deliberate choice to adopt a fractional model. Through partnerships with experienced consultants such as Day One Experts, led by veteran economic …

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FloridaMarket ReportsRestaurantRetailSoutheastSoutheast Market Reports

Florida’s Retail Evolution Is Paying Off

by John Nelson

When asked what makes Florida appealing from a retail perspective, Steven Miskew, CEO of Southeast Centers, put it succinctly: “The good macro-economic drivers are here: population growth, lack of supply and low vacancy, all in a pro-business environment,” he said.  As Miskew asserts, Florida’s population continues to swell as approximately 1,755 people move into the state daily, according to 2023 data from online self-storage platform StorageCafe.  Additionally, U-Haul has ranked Florida as a top four growth state in its annual growth index — which analyzes the destinations for one-way moves across its fleet — every year since 2015. Seven Florida cities ranked in U-Haul’s top 25 growth metros in 2024. Florida’s growing population underpins the success of its retail sector as more rooftops directly correlates to more demand for corresponding services, including grocery, food-and-beverage, health and wellness and soft goods.  Phil Kirkpatrick, business recruitment and property development at the City of Clearwater’s economic development and housing department, says that the Tampa Bay-area city is seeing very strong retail occupancy levels. “Vacancy is quite low as of the end of 2024, sitting at 5.4 percent,” says Kirkpatrick, acknowledging that the rate exceeds the vacancy rate of the overall Tampa Bay metro …

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Porter-Square-Galleria
Market ReportsMassachusettsNortheastNortheast Market ReportsRetail

Tenants, Landlords Feel Equal Sting of Barriers to Entry in Boston Retail Market

by Taylor Williams

You can be a best-in-class operator with the coolest concept on the block, or you can be a well-capitalized landlord who knows all the right people, but if rapid, sustainable growth in the Boston retail market is what you seek, you might be SOL.  According to local brokers, the high-demand, low-supply dynamic that currently exists in most major U.S. retail markets does not fully encapsulate the difficulties that tenants and landlords alike face in growing their footprints in the greater Boston area. As to why growing store counts or portfolios is so challenging in this market, the answer varies depending on who you ask. But a collective recap of all wide-ranging barriers to entry and disruptive forces at play paints a picture of a market that is borderline impenetrable for many tenants and perpetually stagnating for many landlords.  “Boston remains an incredibly high-barrier-to-entry market,” says Zach Nitsche, director of retail capital markets in JLL’s Boston office. “A statistic we like to share with clients and industry people that haven’t historically invested in Boston and New England is that less than 5 percent of our total retail product has been constructed after the Global Financial Crisis. So far this year, the …

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CaliforniaMarket ReportsRestaurantRetailWesternWestern Market Reports

Retail Holds Strong in San Diego

by John Nelson

— By Bryan Cunningham of JLL —  The retail sector continues to be a bright spot for commercial real estate in San Diego County. Despite financial headwinds that include interest rates, construction costs and increases in operating costs like labor and insurance, the resiliency of the consumer has allowed retailers and restaurants to continue to generate substantial sales volumes. Both national and regional retail and restaurant tenants continue to expand, although more cautiously than in years past. Retail vacancy rates in San Diego continue to hover around 5 percent, with the more desirable coastal communities closer to 3 percent. The lack of new development due to geographical constraints, as well as interest rates and construction costs, is driving expanding tenants to look purely at second-generation retail centers. While the retail tenant pool is somewhat shallow due to bankruptcies by Bed Bath & Beyond, 99 Cents Only, Party City, JoAnn Stores and the like, the lack of new product is keeping well-positioned shopping centers in high demand. Most grocery- and big box-anchored shopping centers are enjoying rents at record levels with very little vacancy. Retail centers continue to be at the forefront of interest from investors as well. While interest rates …

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Cannon-Beach-McKinney
Market ReportsTexasTexas Market Reports

North Texas Cultivates Unique Growth Story

by Taylor Williams

By Taylor Williams In 2016, the Dallas Cowboys went 13-3, finished in first place in the NFC and had five players earn All-Pro selections — arguably the team’s best season-long performance since its heyday in the 1990s.  That’s about all the reminiscing that this writer, who hails from Atlanta, cares to do on the 2016 NFL season. But is it purely coincidental that one of the Cowboys’ most dominant regular-season campaigns in the past three decades coincided with the opening of The Star, the team’s world headquarters and practice facility in Frisco? Perhaps. But for the North Texas region as a whole, the planting of the Cowboys flag outside of city limits marked a sort of coming-out party, a bold declaration that the areas north of the metroplex were primed for major job and population growth, as well as corresponding real estate development.  “When Frisco secured the Dallas Cowboys’ headquarters and The Star District in 2016, it seems to have led to a waterfall of momentum,” says Gloria Salinas, senior vice president and chief growth officer of the Frisco Economic Development Corp. “During that time, Frisco demonstrated an ability to align civic leadership with business priorities, accelerating timelines for that …

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IndustrialMarket ReportsMississippiSoutheastSoutheast Market ReportsTennessee

Memphis: A World-Class Logistics Hub Positioned for Future Growth

by John Nelson

The Memphis industrial market stands at a pivotal juncture in mid-2025, navigating temporary headwinds while maintaining the fundamental strengths that have established it as one of the Southeast’s premier logistics hubs. Despite recent challenges from global trade uncertainties and tariff negotiations impacting project timelines, the market’s long-term outlook remains positive with a foundation built on unparalleled logistics infrastructure and strategic advantages. Global logistics advantage  Memphis stands as the ultimate global logistics hub, with unrivaled multimodal infrastructure creating competitive advantages few markets can match. The “FedEx effect” remains one of Memphis’ most significant economic drivers. This powerful multiplier — named for the company’s massive impact on the regional economy — has transformed Memphis into a critical node in global supply chains. With its World Hub at Memphis International Airport, FedEx connects businesses to hundreds of countries across multiple continents, processing millions of shipments while employing thousands across the region. Recent initiatives, including Network 2.0, One FedEx and the new Automated Sorting Facility at the World Hub, represent strategic investments in efficiency and integration that are likely to boost the Memphis industrial real estate market. Additionally, Memphis International Airport ranks among the busiest cargo airports in the Western Hemisphere and the second …

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