What area is your expertise? Summit County, Ohio What trends do you see presently in retail development in your area? Change of use and or contraction of older areas due to demographic and economic changes. Example: Rolling Acres Mall – redevelopment into light industrial. What type of retail product is doing well in your area? Essentially high-end and discount retail stores. Williams-Sonoma, Coach, Build-A-Bear Workshop, Wal-Mart, Marc’s Discount Stores, Gabriel Brother’s and Big Lot’s. What retailers are new to your area? Aldo, Coach, Ann Taylor Loft, Coldwater Creek, Bravo Italian Bistro and P.F. Chang’s China Bistro and Five Guys Burgers. Who are the active retail developers in your area? Stark, Simon, Marchetta, Deville, Altman, and Developer’s Diversified. Please name one or two significant retail developments in your area. What impact will these projects have on the market? Summit Mall expansion, Fairlawn, Ohio — Developed by Simon: Bravo Cucina Restaurant, Ann Taylor Loft, Coldwater Creek and others. Wadsworth Crossing, Wadsworth, Ohio — Developed by Forest City: Anchored by Kohl’s, The Home Depot, Target, Bed Bath & Beyond, as well as a few specialty retailers. Arlington Ridge Market Place, Green, Ohio — Developer Deville: Anchored by Target and specialty retail: Alltel Wireless, …
Ohio
What area is your expertise? For the purposes of this report we are discussing the Industrial Market in Akron, Ohio and the five counties surrounding it (Summit, Stark, Wayne, Portage and Medina counties). What trends do you see presently in industrial development in your area? We are in a stable market with softness in the industrial sector, primarily due to the credit crisis and overall skepticism in the marketplace beginning in 2008 to present. The greater Akron marketplace is made up of many older industrial buildings that were built by the rubber companies and other industrial giants such as the Hoover Company located in North Canton. Local and regional rehab developers have come into the marketplace and purchased these million-square-foot facilities and rehabbed them into multitenant, mixed-use type facilities. The attractiveness of these facilities is generally low-lease rates and the infrastructure that is already in place, making total occupancy cost lower than new construction. What type of industrial product is doing well in your area? Smaller industrial, newer buildings with land for expansion available on a purchase basis as a second or third opportunity from an ownership basis. Who are the active industrial developers in your area? Richfield, Ohio-based Realty …
What area is your expertise? • Retail services in Northeast Ohio What trends do you see presently in retail development in your area? • The current trend across the board is an increase in environmental awareness. Developers selecting sustainable sites, retailers constructing LEED buildings, and city and county governments working together to minimize the negative impacts on the environment while maximizing existing infrastructure. What type of retail product is doing well in your area? • Power centers, grocery anchored shopping centers and convenient strip centers. What retailers are new to your area? • Menards, Massage Envy, Five Guys Famous Burgers and Fries and a Cabela’s are expected. Who are the active retail developers in your area? • First Interstate Properties, Liberty Development Group, Snider-Cannata and Centro Properties. Please name one or two significant retail developments in your area. What impact will these projects have on the market? • The redevelopment of Westgate Mall in Fairview Park is the first redevelopment of an enclosed regional mall in Northeast Ohio into a lifestyle and power center. Centro Properties, in partnership with the Richard E. Jacobs Group, redeveloped the property. The center is anchored by Target, Lowe’s Home Improvement Warehouse and Kohl’s. Additional …
What area is your expertise? • The Greater Cincinnati, Ohio metropolitan area — a seven-county area in southwestern Ohio and northern Kentucky. What trends do you see presently in office development in your area? • Speculative new construction and existing Class A buildings have captured the lion’s share of the nearly 1 million square feet of net positive absorption in 2007. In stark contrast, the Class B office market accounted for only 24 percent of this total. This trend is leading to increasing rental rates for Class A product while the Class B rents remain stagnant or are even on the decline. Who are the active office developers in your area? • Duke Realty Corp., Scott Street Partners, Al. Neyer, Inc., Neyer Properties, Inc. and Miller-Valentine Group Please name one or two significant office developments in your area. What impact will these projects have on the market? • Kenwood Towne Place is a mixed-use development adjacent to the high-end Kenwood Towne Centre regional mall currently under construction in the Kenwood submarket. The retail component will contain a Kroger and the area’s first Crate and Barrel along with a 250,000-square-foot office tower that has signed UBS as its first tenant. Nearby …
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