Akron, Ohio Commercial Real Estate Market
The commercial real estate market in Akron, Ohio is poised for growth in 2020 and beyond. As the city’s economy expands and evolves, Cushman & Wakefield | CRESCO Real Estate is eager to serve as the go-to expert for commercial real estate transactions in Akron.
Despite its nickname “Rubber Capital of the World,” Akron has a highly diversified economy that extends beyond its long history of rubber and plastics manufacturing. Today, Akron’s economy also centers around healthcare, finance, law, retail, telecom, and education.
The city of Akron consists of 21 neighborhoods, each boasting their own microculture as a result of phased growth and expansion over the decades. Neighborhoods near the city center serve as thriving commercial hubs, while communities on the city’s outskirts are primed for development opportunities. New constructions are taking place at a rapid rate in Akron.
Below are several of the best neighborhoods for buying and leasing industrial, retail, office, and other commercial properties in Akron, Ohio:
Everyday, more than 50,000 employees commute into Downtown Akron, the city’s vibrant financial district. Locally owned retail shops and restaurants adjoin law offices, architecture firms, and corporate headquarters. Bounce Innovation Hub—which houses more than 45 startups along with co-working, office, and event space—is situated right on Main Street.
Office: Many of the office buildings in Downtown Akron are connected by a system of skywalks, making it convenient to travel through downtown no matter the weather. Sublease move-in ready office space with excellent onsite amenities and access to parking.
Retail: Downtown Akron is a smart choice for retail businesses. The Bowery District is home to some of the city’s most unique retail suites with access to Main Street and the Lock 4 on the Canal, and close proximity to parking and high-end apartment units.
Ellet / Southeast Akron
Ellet is a medium-sized neighborhood on the southeastern edge of Akron, and home to nearly 20,000 of the city’s residents. Like many of the communities on the east and south sides of Akron, Ellet is a working class neighborhood that takes deep pride in its industrial history. Residents tend to think of themselves as living in Ellet rather than living in Akron, particularly after the rubber boom that led to more housing and industrial developments in the area.
Industrial: Warehouses, distribution centers, and other industrial properties can be found at highly reasonable prices in the Ellet neighborhood. Many businesses in the polymer industry have facilities in Ellet, including Rubbermaid, Akron Rubber Development Laboratory, Chemionics Corporation, and OMNOVA Solutions Inc.
The neighborhood of West Akron is home to roughly 20,000 residents, and is known for being a tight-knit community. Driving through the neighborhood streets, you are more likely to see small mom and pop pharmacies, groceries, and restaurants that have been in business for decades than new corporate offices or large hospitals—a source of pride for local residents.
Yet West Akron is poised for business investment. Residents are eager to keep their neighborhood vibrant and thriving, and welcome the job opportunities that come with new developments. Neighboring Wallhaven to the north and Sherbondy Hill to the southeast share similar stories, and are rich in longstanding local businesses.
Office: With an outstanding central location and excellent highway visibility, West Akron is a good choice for businesses across all industries seeking new office space. Professional office space available for lease at White Pond & I-77 has up to 11,400 square feet available.
Retail: Retailers will be in good company in West Akron, which is home to an eclectic mix of modern shopping centers and historic businesses. Land for sale in West Akron is primed for redevelopment opportunities. Automotive repair / retail space is currently available for lease at a negotiable rate.
Need assistance leasing, buying, selling, or investing in commercial properties in Akron? Contact Cushman & Wakefield | CRESCO today!
To learn more about how CRESCO, Greater Cleveland’s leading commercial real estate company, can help you with your property needs, contact us at 216.520.1200, or fill out the form below. A CRESCO professional will contact you shortly.