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, …

Spec Office Development Gains Steam in Ohio’s Suburbs for First Time in Years

From Cleveland to Cincinnati, speculative Class A office development is on the rise in Ohio for the first time in at least five years. Primarily occurring in the suburbs, 3 to 4 million square feet of spec development is driven by a lack of office space as well as pent-up demand for new space with an urban feel that contains retail and multifamily components. Most spec office development reflects the demands of both Millennials and Baby Boomers. These significant population groups seek to …

Why Cleveland’s Thriving Downtown Apartment Market is on Solid Footing

It’s no longer a secret. Residential housing is one of the biggest stories to hit Cleveland’s central business district in over a quarter century. The only thing more impressive than the long list of residential projects that have been completed over the last five years is an even longer list of residential projects that are either planned or under construction. Despite this prolonged surge in activity, several questions remain, with most centered around the viability and sustainability of …

Dayton Office Market Continues Steady Recovery Amid Urban Renaissance

For the Dayton office market, it’s all about timing. In one of Miami Valley’s largest office leases in recent memory, CareSource early this year signed a five-year lease to occupy 50,000 square feet on two floors at the 486,000-square-foot Kettering Tower downtown. The nonprofit managed healthcare plan is the largest Medicaid plan in Ohio and the second largest in the United States. CareSource said it will assess current and future business needs and redistribute business units from …

Speculative Construction Remains Rare Despite Toledo’s Tight Industrial Supply

The Toledo industrial real estate market continued its steady improvement in the second half of 2015. Tenant demand for space was solid at a time when virtually no new speculative space was added, which led to a shrinking vacancy rate. At the end of 2015, the vacancy rate stood at 6.8 percent, down from 7.2 percent at mid-year and 7.7 percent at the end of 2014.The market absorbed 564,947 square feet in the last half of 2015 on top of the 632,775 square feet absorbed in the first half of …

Cincinnati, Dayton Retail Markets Thrive Despite Changing Consumer Preferences

When talking about the retail sector, the economy has to be part of the conversation. Trends in retail concepts follow consumer behavior. In 2010, when the recovery began, wealthy consumers were the first to return to the marketplace. Not surprisingly, luxury retail concepts followed these wealthy shoppers.To appeal to consumers who were experiencing a slower recovery and to address the concerns of consumers who were still budget-conscious coming out of the downturn, discount retailers and …

Good Times Continue to Roll for Apartment Owners in Metro Cleveland

[caption id="attachment_138854" align="alignright" width="100"] Dan Burkons, Marcus & Millichap[/caption]Cleveland will host the Republican National Convention in July 2016. In response, hospitality firms have steadily expanded payrolls with the addition of 9,200 workers, the biggest relative gain among all employment sectors. The overall labor force will expand 1.6 percent this year, or by 16,500 new workers.Thousands of these newly employed workers are seeking rental …

Cincinnati’s CBD Experiences Flurry of Development in Multiple Sectors

[caption id="attachment_135217" align="alignright" width="100"] James Flick, DTZ[/caption]Cincinnati’s central business district (CBD) is humming with activity, particularly in the office sector with nearly 13 million square feet of office space spread across 54 buildings. Class A office space has been in high demand in the past year as approximately 245,000 square feet was absorbed by area businesses, according to DTZ. During that time, the vacancy rate declined 380 basis points and now …

Cleveland’s Retail Market Experiences Its Share of Hits and Misses

[caption id="attachment_117765" align="alignright" width="100"] Alec Pacella, NAI Daus[/caption]The Cleveland retail market has shown a dramatic recovery over the last five years. The overall vacancy rate has fallen from just over 14 percent in 2011 to slightly under 9 percent at the beginning of 2015, and rental rates have noticeably increased.As a result, there have been some landmark sales as part of a brisk investment market and new retail development has started in earnest. …

Investment Activity in Cincinnati Commercial Real Estate Market Spikes

[caption id="attachment_129357" align="alignright" width="100"] Erick Koehler, DTZ[/caption]Throughout the economic recovery, real estate has been investors’ preferred asset class in the Cincinnati region and across the United States. Although the Federal Reserve is likely to raise short-term interest rates in June or September, demand for commercial real estate is expected to remain strong as long as the recovering economy continues to create new demand for commercial space.According to …

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‣ Lument
‣ NAI Global
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