REBusinessOnline

Job Growth Fuels Apartment Demand in Cleveland Market

For the year ending in March, multifamily vacancy in the Cleveland metro area tightened to the lowest level since 2016, keeping annual rent growth climbing. Measured supply gains amid increased renter demand over the past four quarters have resulted in steady vacancy and rent improvement. These trends should continue over the next several quarters, holding vacancy below the 5 percent threshold. Favorable apartment operations are capturing investor attention. Demand for apartments is coming …

Cleveland Adapts to Changing Retail Landscape

“The retail landscape is changing.” How many times have we, industry professionals especially, heard these words over the past several years? But the reality is, it’s true. There have been countless articles, blogs and lectures blitzing us with arguments supporting or arguing against the notion that brick-and-mortar retail is fighting a losing battle against a burgeoning e-commerce industry. As many of us in the industry know, brick-and-mortar stores still hold a 90 percent market share …

Cincinnati Industrial Market Absorption Drives 8 MSF in New Construction

In 2018, the Greater Cincinnati industrial market experienced record-breaking positive net absorption of 7 million square feet, the highest level of absorption in more than a decade. This was followed by only 201,000 square feet of direct net absorption in the first quarter of this year, which at first glance could be concerning. But the good news is that 8 million square feet is currently under construction across our market. Over the past five years, new construction deliveries have been a …

Various Submarkets Attract Cincinnati Office Tenants

Over the past decade, Cincinnati has successfully positioned itself as a formidable Midwestern city, hungry for growth and innovation. Whether you’re a startup or a Fortune 500 company, the city (and its surrounding suburbs) can provide an attractive backdrop. The Cincinnati office market largely reflects this momentum. Demand in some areas has slowed, but the office market remains steady. In fact, the office market has experienced a flurry of activity in 2019 and is awash in new lease …

Population Growth, Strategic Location Fuel Columbus Industrial Activity

Fueled by continued population growth that has made Columbus the 14th-largest city in America and its strategic location in the U.S. Interstate system, the Columbus industrial market has been on a multi-year run in terms of new inventory and positive net absorption. Given the fact that drivers are able to reach approximately 50 percent of American households and 30 percent of Canadians within a one-day drive of the city, we see no end in sight for these market trends. That one-day drive …

The Columbus Way: Collaboration Is Key to Delivering Affordable Housing

Columbus, Ohio’s exploding population growth and strong economy are reflected in a red-hot housing market. Each weekend, open house signs dominate intersection corners. It is hard to miss big splashy billboards announcing new market-rate apartment complexes along our major I-70 and I-71 corridors. Last spring, Realtor.com named Columbus as the fourth-hottest housing market in the country. The bad news is our housing supply is not keeping up with demand. In fact, the Building Industry …

Columbus Retail Development Keeps Pace With Rising Population

Columbus is a city on the rise. While that’s not exactly a new development, the fact that the arc of commercial development continues to bend up in Ohio’s capital city is noteworthy — and the pace of growth is impressive, to say the least. Columbus is the gateway market for the state of Ohio, with an impressive civic and economic resume. The counties making up the greater Columbus region have not only added approximately 160,000 jobs since 2010, they have brought in more than $8 …

Startups, Millennials Drive Strong Fundamentals for Columbus Office Market

The Columbus office market continues to be diverse and thriving as the city becomes an economic hub in the Midwest. With a population that has grown to over 2.1 million people, and the eighth largest millennial population, Columbus has developed varied markets including concentrations in automotive, data centers, fashion/apparel, finance/insurance, food, healthcare, logistics, manufacturing, R&D, beauty, retail/e-commerce and technology. Columbus boasts 14 Fortune 1000 headquarters and …

Cleveland Office Market Is on Very Solid Ground

U.S. economic growth in 2018 is expected to be the strongest in three years. The steady momentum in the Cleveland office market fully supports this forecast. Overall vacancy rates in the Cleveland metro area align with national trends in the range of 12 to 14 percent, rental rates are increasing modestly with averages in the low $20s per square foot and the market for Class A office space continues to be very tight. Tenant improvement allowances offered by landlords are rising faster than …

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 …

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