Momentum in downtown? A still-solid industrial base? A growing retail and multifamily sector? Cleveland and its surrounding suburbs benefit from all these positives.
And that helps explain the upbeat mood at the 12th annual Cleveland Commercial Real Estate Summit held by Midwest Real Estate News and Northeast Ohio Properties magazines June 25 at The Aviator Cleveland.
A crowd gathered to hear the good news on the Cleveland commercial real estate market from some of the biggest names in the local real estate industry. Panelists spoke about the momentum in the healthcare, retail and multifamily markets and the enduring resilience of the local industrial sector.
And, yes, while the office sector in Cleveland faces challenges, as it does across the country, there are some positive signs, especially when it comes to leasing activity for high-quality Class-A properties.
Overall, then? The message was a positive one for Cleveland: Better times are on the way.
The event kicked off with an inspiring address from keynote speaker Ashlie Flegel, acting director of technology, integration and partnerships with NASA’s Glenn Research Center. Flegel spoke about the scientific research taking place in the heart of Cleveland.
Demand remains high for multifamily units in the Cleveland market, something that the speakers on the event’s Multifamily/Apartment Market Update and Forecast panel emphasized. Speaking on this panel were Charles K. Schulman, President, Carlyle Management Co., who served as the moderator; Michael Christoff, Senior Associate/Studio Director, Vocon; Charles Gagliano, Senior Managing Director, Marcus & Millichap; Aaron Pechota, Executive Vice President, The NRP Group; James Doyle, Executive Vice President, BWE; Michael Smith, Executive Chairman, Co-Founder, Green Harvest Capital (GHC).
Speakers on the Cleveland Market Sector Update panel addressed the success stories and challenges in the office, retial, finance and construction sectors. Participating in this panel were Craig Miller, President & Managing Partner, Duffy + Duffy Cost Segregation Services; Christopher McFarland, Vice President, Anchor Retail; Warren Blazy III, Senior Vice President, CBRE; David Leb, Vice President, Cushman & Wakefield, CRESCO Real Estate; John Funderburg, Senior Vice President, Commercial Real Estate Division Manager, Dollar Bank; and Tara Rose, Partner, Hahn Loeser & Parks LLP, the panel’s moderator.
The event closed with the Transforming Downtown and Suburban Development—Game Changers panel, which highlighted the biggest projects taking place in the Cleveland market today. Speaking at this panel were Brian Zimmerman, CEO, Cleveland Metroparks; Debbie Berry, Deputy Chief of Integrated Development, Cuyahoga County; Dan Whalen, Managing Director, BEDROCK; Daren Schnee, Vice President, Project Manager, Dealpoint Merrill; Jason Russell, Vice President of Real Estate and Development, North Coast Waterfront Development Corporation; and Kevin Malinowski, Executive Managing Director, Colliers, who served as the panel’s moderator.
The talented team at Northeast Ohio Properties Magazine, Mark Watt, Larry Overbey, Lisa Larissey and Matt Lehnert.
And it wouldn’t be a Cleveland Summit if it wasn’t MC’d by Ernie Abood, vice president with REjournals. We appreciate all the hard work that Ernie does in making these summits run like clockwork!
