It’s true that the Cleveland commercial real estate market — as do markets in other cities across the country — faces challenges today, everything from rising interest rates and supply shortages to an uncertain office sector, soaring construction costs and a lack of skilled labor.
But, there’s plenty to be excited about in Cleveland, too. Just ask the speakers at the 8th annual Cleveland Commercial Real Estate Summit held June 23 by REjournals at Windows on the River in Cleveland. These attendees pointed to a booming industrial sector, retailers that are adapting to the changing habits of consumers and a multifamily market that remains the darling of investors.
So, yes, even though Cleveland faces challenges, there was plenty of hope to go around at this year’s event, too.
The event kicked off with the Critical Construction Update panel, which highlighted the biggest new developments in the Cleveland market. Speaking on this panel were Dan Dietrich, vice president of construction, Cleveland Construction; Andrew Hudak, regional vice president for Ohio, The Albert M. Higley Company; Rob Remington, partner, Hahn Loeser & Parks, LLP; and Jonathan Novak, director of design, Onyx Creative. The panel’s moderator was Mike Furlong, founder and managing principal of Integrated Project Solutions.
There was plenty of optimism to go around on the multifamily panel. Demand remains high for multifamily units in Cleveland. And that’s something panel speakers said that they didn’t see changing anytime soon. Participating in this panel were moderator Linda Green, Underwriting Counsel, Chicago Title Insurance Company; Nick Soeder, president, principal broker, Adams Lynch Associates; Charles Gagliano, first vice president of investments, Marcus & Millichap; Will Dalman, senior vice president, Huntington Bank; Douglas Price III, chief executive officer, K&D Group; and Gary Cooper, senior vice president, Colliers.
Speakers on the Market Update panel looked at the performance of the office, industrial and retail sectors in the Cleveland area. The outlook remains robust for the industrial market, while retail and office are adjusting to a new world after COVID-19. Speakers were David Stecker, executive vice president, JLL; Craig Miller, president, Duffy & Duffy; Veronica Miniello, senior market analyst, CoStar; Allison Giomuso, vice president, Anchor Cleveland; Brian Hurtuk, managing director, Colliers; and moderator Stephen Nowak, associate, Siegel Jennings Co., L.P.A.
Plenty of big developments are hitting Cleveland and its suburbs. The event’s fourth panel focused on these game-changing projects. Speakers were moderator Tim Charek, president, Welty Development; Chris Salata, chief operating officer, Industrial Commercial Properties; John Carney, principal, The Landmark Companies; Mike Apt, president and chief executive officer, Apt Development Group; and Scott Skinner, vice president of development, The NRP Group.
