Greater Cleveland Commercial Real Estate Property Outlook for 2022
Cleveland is known for its resilience in the face of struggle, and that has remained apparent during 2020 and 2021’s COVID-19 pandemic. The early days of the pandemic proved to be a challenge no one expected, and commercial real estate lending hit a brick wall, briefly. But as the economy recovers, we are now seeing a shift back toward normalcy, and even an increase in lending for multifamily and industrial properties.
We are expecting an upward trajectory for industrial, retail, office and multifamily demand in 2022. The current industrial vacancy rate is the lowest it’s been in more than two decades at 3.5%. Online shopping has skyrocketed, meaning more and more companies are buying or leasing distribution centers to ship products to consumers. Meanwhile, multifamily homes have remained stable throughout the past two years as single-family home prices have risen and renters continue to stay put.
A Competitive Market
With growing confidence that the COVID crises will likely diminish, both office and retail properties are in demand.
“Companies are looking to move employees back into a collaborative environment after the better part of two years in virtual settings,” said Nathan Kelly, President and Managing Director at Cushman & Wakefield | CRESCO Real Estate. “Some companies hope to take advantage of discounts and expand their current space. As the COVID crisis retreats and restrictions are lifted, we are expecting retail and entertainment to come back strong and demand for space to be on the rise.”
Businesses are striking while the iron is hot; a soft 2020-21 office market means there are deals on the table. As businesses start bringing employees back to the office, some are looking for new lease or purchase options in the Greater Cleveland area and throughout Northeast Ohio. And as big box stores close up shop and leave empty buildings, those looking for venues, warehouses and distribution centers are eyeing the formerly occupied spaces.
To keep up with this trend, which is likely to continue into 2022, buyers and prospective tenants need to move quickly. Passively browsing listings won’t cut it in this environment. Working with an expert means finding the best deals and having a shot at properties before they are listed for the public.
Greater Cleveland Commercial Properties
Whether you’re looking to buy or lease, we have several available listings to suit your needs. Here are just a few:
1422 Euclid Avenue
409-9,967 square feet for lease
Adjacent to the second largest performing arts district in the country behind Broadway, the historic Hanna Building makes for an elegant and charming location. With flexible opportunities for small businesses and Fortune 500 companies alike, these modern office suites in the Playhouse Square District can be customized to meet your needs. More than 20 restaurant and entertainment spots are within walking distance.
142-5,000 square feet for lease
This completely modernized, prime first-floor retail/office space has dramatic high ceilings and an ideal location with a rooftop patio. Neighboring tenants include Planet Fitness, Platform Beer Company, Cleveland Public Library and MetroHealth Ohio City Health Center. Walkable to popular shops, restaurants and apartments on Lorain Avenue and West 25th Street, this space is part of the Special Improvement District with additional city services.
6500 Rockside Road
1,868-5,960 square feet for lease
Ideally located in the hub-city of Independence, where major highways intersect, this office space includes excellent parking (including an underground, heated garage and a large surface lot) and access to restaurants, medical centers and additional amenities on Rockside Road. Now under new ownership and management, the space has planned updates to common areas and building signage is available with the lease.
1300 E. 9th Street
11,577 square feet sublease opportunity
More than 10 years are available on this office space sublease in the heart of Downtown Cleveland. With stunning lake views from the sixth floor and a wide open layout ready for your customization, the space includes amenities such as attached parking, a conference center, valet parking, a fitness center and more.
26301 Curtiss-Wright Parkway
1,932-89,000 square feet for sale
This property is a rare investment opportunity located on the campus of the Cuyahoga County Airport. With 76% occupancy, the building has an on-site fitness center, professional on-site management and ample parking. Recent improvements include a new roof and new windows.
812 Huron Road
290-3,968 square feet for lease
The Caxton Building has a variety of space available for retail or office use in a well-trafficked area of Downtown Cleveland. All feature high ceilings, oversized windows, original hardwood floors and reserved parking with valet service. On-site security is available 24/7/365. Just steps from Progressive Field, Rocket Mortgage Fieldhouse and East 4th Street, the property caters to a highly desirable walkable downtown setting.
If you’re looking to invest in a Greater Cleveland commercial real estate property, contact us today. We’ll get you on the right path to find the ideal location for your business needs.
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.