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Cushman & Wakefield | CRESCO Real Estate is the Greater Cleveland expert in commercial and industrial real estate. We’ve worked with clients for more than three decades to achieve real estate goals for transactions of every size and scope — here in Northeast Ohio, and around the world.
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Industrial Real Estate
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Shrinking Industrial Real Estate Options in Northeast Ohio Drive Up Tenant Costs
The Northeast Ohio industrial real estate market continues to tighten, with the vacancy rate at a historically low 3 percent. For tenants on a lease that need to stay in their current building or need to move because their requirements have changed, these conditions leave very few alternatives.
As recent as five years ago, when the vacancy rate was steady around 8 percent, tenants had options, which gave them some leverage,” says Joseph V. Barna, a principal at Cushman & Wakefield | CRESCO Real Estate. “Today, because of the tight real estate market, tenants are seeing significantly higher rates than they’re accustomed to paying, and yet competition for space is fierce.”
Smart Business spoke with Barna about the challenges tenants, buyers and builders are facing in the Northeast Ohio industrial real estate market.
Latest Commercial Real Estate Research:
Cleveland Industrial MarketBeat Q4 2022
Cleveland Office MarketBeat Q4 2022
U.S. Industrial MarketBeat Q4 2022
Featured Case Study:
1 & 2 Chagrin Highlands
2000 & 3000 Auburn Drive