More than 150 of the top commercial real estate pros in the Cleveland market headed to Windows on the River in Cleveland last week for REJournals’ fourth annual Cleveland CRE Summit.
The event, held June 27, focused on the strong commercial activity taking place in Cleveland and its suburbs. Presenters spoke about the booming multifamily and industrial markets, and spoke about the improvements in the area’s retail and office sectors, too.
The multifamily market is an especially strong one in Cleveland, with more 1,400 apartments now under construction, according to conference speakers. The industrial market continues to shine, too, with vacancy rates under 5 percent in most sectors.
“This is my 30th year in commercial real estate,” said David Stover, principal and executive managing director with Cleveland’s Hanna Commercial Real Estate and a speaker at the conference. “I’d say the industrial market in Cleveland today is pretty strong. We don’t get too hot like the bigger markets, places like Chicago. But we also don’t get too hot here. Right now, our market is very healthy.”
The best news? Cleveland’s CRE sectors are showing no signs of a slowdown.
Just consider the multifamily sector, which is still in growth mode.
“You still have a lot of demand,” said Gary Cooper, senior vice president and principal with the Cleveland-Akron office of Colliers International and another speaker at the conference. “The biggest difference between now and 2015 or so is that you have had a reasonable amount of inventory that has come online. There are a few more options for renters. It’s not like when there was a waiting list of six to eight months.”
The key takeaway from the summit? Cleveland’s commercial real estate market is on the rise, and shows no signs of a slowdown.
