Commercial real estate buyers and investors are facing a mixed market in Greater Cleveland. Competition is significant for industrial properties, while those in the market for office space are searching available inventory for the deepest possible discounts.
Factors such as a labor and material shortage are straining progress in new construction and renovations. And though some buyers and prospective tenants are pushing out to the suburbs, there’s still heavy interest in city locations to appease urban-oriented millennials.
This mixed and ultra-competitive market is a challenge that requires knowledge and expertise to navigate.
Smart Business spoke with Cushman & Wakefield | CRESCO Real Estate Partner Simon Caplan about the state of Greater Cleveland’s commercial real estate market.
What is the state of the industrial market?
There is a great deal of interest in Greater Cleveland’s industrial real estate market….