There’s no denying the COVID-19 pandemic has significantly affected every facet of our lives, including the commercial real estate market. Office space trends in Akron, Ohio, have been impacted by the pandemic, as well.
While some companies still have employees working remotely, many have returned to the office or work a hybrid schedule. Some offices require more space to allow more room for social distancing. In the Rubber City, the commercial real estate market is reportedly holding strong despite uncertainty. While it is still unclear if the worst is behind us, experts remain optimistic that the office market will reach pre-pandemic numbers of occupancy rates. Downtown Akron has approximately 3 million square feet of office space.
Trend: Mixed-Use Developments
One office space trend in Akron, Ohio, is the rise in mixed-use developments, or complexes that blend housing, offices, retail, restaurants and more. Mixed-use properties offer the benefit of built-in clientele for commercial spaces and provide multiple income streams to investors. The wide variety of tenants (commercial and residential) can lessen the overall risk for real estate investors.
For example, The Bowery District located on South Main Street is a 40,000-square-foot-space encompassing retail, residential and office space. This development contributed to the area’s economic growth in 2018, and other developers are following suit as the city of Akron is positioning itself as a live/work/play area, the Akron Beacon Journal reports.
In fact, the Downtown Akron Partnership offers a free and confidential site selection service for companies looking to lease office space in downtown Akron, where approximately 50,000 people work currently. Options for leasing office space in Akron include modern spaces and renovated historic buildings.
Repurposing old spaces into new offices is a trend outside of the downtown Akron area, as well. For instance, a new owner plans to turn the Chapel Hill Mall into a business park. The same developer is responsible for transforming the former Goodyear campus into a mixed use space called The East End.
What’s old is new again in Akron, Ohio — a beautiful place to work, live and play.
It’s no wonder mixed-use developments are an office space trend here. If you’re looking for help finding your next office space or need assistance leasing, contact us today. Our Cushman & Wakefield | CRESCO Real Estate team is eager to answer any questions about our commercial real estate services, including tenant representation and brokerage services.
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.