Cleveland Industrial Market Embraces New Projects

The industrial real estate market in Cleveland has a long and storied history. The region’s market powered much of the overall growth in the early 20th century and, at that time, propelled Cleveland to the nation’s sixth largest city.The market transitioned to automotive production, which reached its peak in the 1960 and 1970s. Nearly half a million people were employed in the automotive sector during these decades, in plants operated by Ford, Chrysler and Chevrolet, or at the thousands …

Strong Fundamentals Are in Place for Cincinnati’s Multifamily Market

The strength of the national multifamily market has been driven by a number of factors, especially job and wage growth.  Nationally, annual job growth has been 1.5 percent and annual wage growth has been 2.9 percent, according to the U.S. Bureau of Labor Statistics.Another factor affecting the multifamily market is homeownership. In the United States, homeownership  reached 65 percent in 2008, dropped to 60 percent in 2015 and rebounded to 65 percent at the end of 2017, according to the …

Cincinnati’s Over-the-Rhine District Makes Way for Larger Office Developments

Cincinnati’s Over-the-Rhine (OTR) neighborhood has come a long way since it served as the location for gritty scenes in movie director Steven Soderbergh’s 2000 film Traffic. Gone are the 500 vacant buildings and 700 vacant lots. The disadvantage of having the highest crime rate in the city is no more.Thanks to efforts by prominent Cincinnati companies such as Kroger Co. and Procter & Gamble, as well as the Cincinnati Center City Development Corp. (3CDC), efforts to revive the …

Strategic Location, Strong Labor Force Boost Columbus Industrial Market

The Columbus industrial market continues to thrive as a hot center for logistics, warehousing and manufacturing. Its strategic location within a one-day truck drive of 50 percent of the U.S. population and one-third of the Canadian population is an important part of this success.Other contributing factors to this success include a strong Midwestern work ethic, low cost of real estate, low taxes, low wages and minimal union activity. With a total population of about 2 million in metro …

Downtown Columbus Office Market Devises Solutions to Parking Shortage

In today’s world, nearly every company is a technology company. That trend is changing the way we do business and interact with one another. Ted Anglyn, president of the Parking Property Advisors, summarizes how these changes are impacting space utilization, which in turn affects parking needs:The space per square foot per employee in newly leased office space decreased from a range of 300 to 350 square feet per person in 2005 to 150 to 200 square feet in 2010.[caption …

Cleveland Office Market Sees String of New Projects

Cleveland’s central business district (CBD) continues to make headlines as events like the Republican National Convention, the 2016 and 2017 NBA Championships and the 2016 World Series earned national attention. Within the office market, trends such as “flight to quality” and  office-to-residential conversions, which are driven by a hot apartment market, have reduced surplus supply and lowered vacancies. This has shaped metrics positively, and has put Cleveland in a position of strength …

Toledo’s Industrial Market Is in Need of Large-Format Speculative Construction

A snapshot of Toledo’s industrial real estate market at the end of 2016 reveals a well-performing sector, maintaining the steady improvement recorded during the prior year. In fact, the vital signs of the property sector hit some of their best levels in a decade last year. By the end of the year, every key metric was up from midyear 2016 and year-end 2015.One bit of cloudiness trying to sneak in on the otherwise very sunny picture, however, is the limited supply of available space …

Millennials Flocking to Downtown Columbus, Ohio

Millennials are the future, they’re concerned about the future and they’re bringing all of us into the future. This generation wants to live where they do their “living.” They want green space, bike paths, access to transit or shared transportation and an active neighborhood. In short, they want to live in downtown Columbus. Not the downtown of years ago, where the streets rolled up at 5 p.m. and you’d be hard-pressed to find a coffee shop open on the weekend. But the downtown of …

Cincinnati, Dayton Closing the Gap: Why the Push to Merge the MSAs is a Winning Strategy

The tale of two Ohio cities — Cincinnati and Dayton — is a story of growth. It takes less than an hour to travel between Cincinnati and Dayton. The two metros sit about 55 miles apart along Interstate 75, and that distance is slowly getting shorter. Since 2000, the cities have been growing together along the I-75 corridor, with significant growth over the past five years.The northern suburbs of Cincinnati have experienced exponential growth over the last 20 years stemming from the …

Once-Dormant Office Development Pipeline in Downtown Cleveland Now Growing

Cleveland’s relatively affordable cost of living compared with other major Midwestern cities is attracting businesses to the metro area, fueling demand for office space.A steady stream of new employment opportunities supported the 1.6 percent expansion of Cleveland’s workforce over the 12-month period that ended Sept. 30. Hiring during that period was driven by the education and health services sectors, which collectively added 9,300 positions.It is expected that by year-end 2016, …

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