Category Archives: Cleveland Commercial Real Estate

Ohio Markets Commercial Real Estate News Brief: November 2017

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In the latest edition of our monthly news brief, JLL’s regional team curates the top commercial real estate industry articles impacting Ohio markets to keep you in-the-know.

Keep up with Spaces’ monthly recaps—subscribe today.

The Need for Industrial Space on the Rise in Cincinnati and Columbus

Columbus, Ohio

Photo Credit: Always Shooting

It’s been a big year thus far for both Cincinnati and Columbus industrial markets. Cincinnati has experienced record-breaking activity since the start of the year, and total industrial vacancy sits at just 3.1%. Meanwhile, industrial vacancy in Columbus hovers near 4.4%.

To accommodate the rising demand, both cities are ramping up construction. Nearly 2 million square feet is currently being added to Cincinnati’s market, causing a much-needed uptick in vacancy.

Though Columbus is set to deliver 1.6 million square feet of space by the end of 2017, vacancy is expected to remain low. In fact, there is more than 9.5 million square feet of user demand in the market.

Download the Q3 Cincinnati Industrial Insight and Q3 Columbus Industrial InsightRead More

Ohio Markets Commercial Real Estate News Brief: September 2017

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In the latest edition of our monthly news brief, JLL’s regional team curates the top commercial real estate industry articles impacting Ohio markets to keep you in-the-know.

Keep up with Spaces’ monthly recaps—subscribe today.

Columbus Radiates Tech Talent with Planned Addition of Facebook Data Center

The city of Columbus is boasting its plethora of tech talent again with the announcement of Facebook’s new $750 million data center coming to one of its most successful neighborhoods—New Albany. The new data center will be one of the biggest development project that Central Ohio has seen with 900,000 square feet of space between two buildings.

The data center is expected to bring nearly 100 jobs to the Columbus region—an area already rich with valuable tech talent. Columbus ranked in the top five markets for tech employment with rivaling numbers of computer programmers when compared to Sacramento or Austin. And, the city was recently named the top U.S. city for tech talent by a SmartAsset study.… Read More

Ohio Markets Commercial Real Estate News Brief: August 2017

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In the latest edition of our monthly news brief, JLL’s regional team curates the top commercial real estate industry articles impacting Ohio markets to keep you in-the-know.

Keep up with Spaces’ monthly recaps—subscribe today.

Strengthening Economy Sparks Demand and Leasing Activity in Cleveland

Photo of Downtown Cleveland Ohio just before Sunrise. Photo Credit: Chris Capell

Redevelopment projects have introduced new residential space in Cleveland, sparking a population boom in the city over the last five years.

Investors have since taken notice of the improving market conditions. However, with few office development projects in the pipeline, rental rates are expected to rise in the urban core. As a result, developers are shifting focus to the East submarket where several construction projects are currently in the works.

As residents and businesses flock to Cleveland, the city’s strengthening economy will continue to increase demand for office space, lowering vacancy rates in the coming months.

Related: Download the Q2 Cleveland Office Report or Q2 Industrial Report

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A Floor-by-Floor Perspective of Midwest Real Estate: What Skyline Will We See in the Next Five Years?

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By: Andrew Batson, Director of Research, JLL

Increasing leasing activity, speculative development and shifting market leverage in commercial real estate are constantly reshaping city Skylines across the U.S.

JLL’s Skyline Review registrants can take a deep dive into the trends impacting 57 major skylines across the United States and Canada, and learn about which national trends are transforming markets close to home.

Read on for a closer look at how the Skylines in the Midwest are performing and what to expect in the coming months.

Mixed-Use Development is on the Rise in Cincinnati

Cincinnati’s Skyline is comprised of large office buildings that are occupied by large tenants, many of them recognized as Fortune 500 companies. Rental rates have dropped 0.7% from 2016 to Q1 of 2017. At the same time, vacancy rates remain well above the national average at 20.9%, which has boosted demand for affordable Class A space within the Skyline.… Read More

Who’s Winning the E-commerce Race? Midwest Real Estate Markets

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By: Matt Powers, Executive Vice President, JLL

Editor’s Note: This article was originally published on the NAIOP blog

Demand for industrial space across the U.S. is booming. In fact, the vacancy rate in industrial buildings dropped to 5.3 percent in the first quarter of 2017 — the lowest rate in 17 years. The active market is evidence that a shift in consumer shopping patterns has taken hold, changing the nature of warehouse demand. Responding to healthy consumer spending and growing e-commerce sales, the combined logistics and third-party logistics (3PL) sectors signed 21.8 million square feet of leases in the first quarter of 2017. This represents 24 percent of total leasing activity in the warehouse and distribution market.… Read More

Ohio Markets Commercial Real Estate News Brief: June 2017

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In the latest edition of our monthly news brief, JLL’s regional team curates the top commercial real estate industry articles impacting Ohio markets to keep you in-the-know.

Keep up with Spaces’ monthly recaps—subscribe today.

Cleveland and Columbus Grow with New Multifamily Developments

Both Cleveland and Columbus are gaining national attention for their accelerated growth. Both cities are experiencing upticks in their downtown and metro populations. Columbus was recently ranked the 14th largest city in the U.S. while Cleveland saw a 76% increase in residents between the ages of 25-34 since 2000.

The population increases have contributed to the increased multifamily development in each city’s metro area. A new apartment development along the Scioto River was recently announced in Columbus. Similarly, the city of Cleveland has a number of multifamily projects in the works, including a 34-story tower in Playhouse Square and a $50 million development for Ohio City’s One Twenty West apartments.… Read More

Commercial Real Estate News Brief: June 2017

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Every month, JLL’s regional team curates the top commercial real estate industry articles to keep you in-the-know. In this month’s edition, JLL spotlights the impact of transit hubs, catering to the liquid workforce and the rise of fringe neighborhoods.

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Transit Hubs Become the Center of Commercial Real Estate Development

As more young professionals opt to walk or take public transportation to work, major cities, such as Cleveland, Columbus, Detroit and Pittsburgh, are directing efforts to revamp their public transit systems.

Approximately 87% of public transit trips have a direct impact on the economy as they deliver a larger talent pool and customer base to the city center. As the millennial workforce gravitates toward the urban core to work and live, cities are redesigning their public transit systems for enhanced comfort and convenience.

Improvements to public transit infrastructure have stimulated economic growth and commercial real estate development in the CBD as businesses buckle down to secure office space along the route. An increasing number of businesses are relocating to reap the benefits of social networks formed around the renovated hubs.

Young Professionals Demand Flexibility and Off-Site Work Spaces

As the workplace becomes increasingly digitized, employees are demanding more flexibility in their schedules. Changes in the work dynamic have reshaped the real estate landscape, as offices must now compete with off-site spaces, which offer more freedom for employees to work when they want.… Read More

Ohio Markets Commercial Real Estate News Brief: May 2017

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In the latest edition of our monthly news brief, JLL’s regional team curates the top commercial real estate industry articles impacting Ohio markets to keep you in-the-know.

Keep up with Spaces’ monthly recaps—subscribe today.

Cincinnati’s Economic Report Highlights Major Wins, Future Growth

Cincinnati’s newly released 2016 Economic Development report not only covers the major successes from the past year. It offers a glimpse at the growth expected for the remainder of this year.

The city finished 2016 on a high note with more than $42.5 million invested in major city projects and economic development. Hefty housing and development projects created approximately 2,347 jobs and parking facilities saw a 25% increase in revenue. Some of the best news? The city has continued its growth trend with a number of projects already in the works for this year.

More than $355 million is being invested in Madisonville, including plans for a mixed-use site with office, retail and residential space, as well as an $80 million hotel. The Uptown Consortium is expected to create new jobs, with some even including job training for populations of people already living in the area.… Read More

Ohio Markets Commercial Real Estate News Brief: April 2017

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In the latest edition of our monthly news brief, JLL’s regional team curates the top commercial real estate industry articles impacting Ohio markets to keep you in-the-know.

Keep up with Spaces’ monthly recaps—subscribe today.

Cleveland Among Top Cities to Watch for Tech Growth

Courtesy of JLL

Cleveland was recently ranked among the top five cities to watch for tech growth and development. A number of big-name tech companies have recently relocated into the city for its broad talent pool of young professionals and competitive office rental rates.

Tech companies like BrightEdge, originally out of Silicon Valley, and Dakota Software, originally out of New York, opened downtown offices for these reasons.

The city is also in the process of investing in and attracting eligible businesses to its Health-Tech Corridor on the East side. Throughout the corridor are leading biomedical and technology companies, like the Cleveland Clinic and Parker Hannifin. This corridor continues to expand, position Cleveland as a leader in technology.… Read More

JLL Research: 3 Ways Reurbanization is Revitalizing Midwest Markets

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By: Andrew Batson, Director of Research, JLL

JLL Full Circle

While cities spread throughout the Heartland are still making their comeback, the economic and investment outlook is promising according to our new research, Full Circle. The report takes a deep dive into the growth and development occurring in each of our markets, including Ann Arbor, Cincinnati, Cleveland, Columbus, Detroit, Grand Rapids, Louisville and Pittsburgh.

So, what did our research find?

Cities across the region are in the middle of a major renaissance as reurbanization continues to draw people, business and investments toward the downtown areas.

1. Young Professionals Gravitate Toward the Urban Core, Creating Need for More Multifamily Development

The face of the urban cores is changing, with the majority of each market’s downtown population made up of the millennial generation (20- to 36-year-olds), followed by generation Z (0- to 19-year-olds).

As these younger generations flock downtown, the need for more multifamily development is increasing. Each market has experienced positive population growth since 2000. What’s more is residential population has also posted impressive numbers in each market, most notably in Detroit with a downtown population of 37,700 followed by downtown Pittsburgh with 33,000.… Read More