Cleveland’s industrial real estate market is on the rise. Over the last decade, new construction of industrial buildings totaled 17.2 million square feet, with nearly half of that occurring within the last two years.
That’s great news for businesses looking for industrial space for rent in the Greater Cleveland area, since it means there are more options available than ever before—and those options are only continuing to increase. That said, industrial leases are still among the most complex commercial real estate leases, more so than office or residential.
Finding the right industrial space for manufacturing, storage, fulfillment or distribution of your products is a major business decision, which is why it’s important to do your research beforehand. Keep these tips in mind when seeking and leasing industrial space in Cleveland.
Leasing vs. Buying
In your search for industrial space for lease, you will likely come across buildings that are available for purchase. This begs the question: is leasing preferable to buying, and what are the pros and cons of each option?
Purchasing a building is a good option for businesses that have reached a steady level of growth and can easily predict their operational needs for the foreseeable future. It can be a smart investment, but it does require significant upfront capital.
Leasing an industrial space requires much less financial commitment, and offers flexibility for businesses that may need to relocate in the future due to expansion or other changes. And depending on your lease terms, the landlord may be responsible for certain maintenance and improvement costs.
Know Your Property Must-Haves
This tip applies to leasing any type of commercial real estate, but is especially important when renting industrial space. After all, if a property doesn’t have the right dimensions for accommodating your essential equipment, or has too few truck terminals for your distribution needs, your business won’t be able to operate successfully.
Consider which features are absolutely essential to your day-to-day operations, as well as nice-to-have features that your ideal property would include. For instance, do you need an industrial property with a large number of docks? How do you envision the building layout? What is the minimum ceiling clearance height you require? What about column spacing, plumbing, lighting, or HVAC needs?
Keep this list of must-haves and nice-to-haves handy as you tour properties and discuss your options. You may not find a building that ticks every single box, but at least you will be prepared to work around any potential challenge and make an informed leasing decision.
Prioritize Easy Highway Access
If distribution will be one of the primary functions of your leased industrial space, then convenient highway access is a must-have. Don’t underestimate the time- and cost-saving benefits of a great location.
For example, Shoreway Commerce Park is a 30-acre premier commerce park with logistics matched by no other in the Cleveland market. A new heavy-duty concrete roadway connects the park with E. 72nd Street, providing rapid access to I-90. It’s also located in close proximity to downtown Cleveland, in one of the city’s Opportunity Zones.
Consider a Flex Office/Industrial Space
When searching for an industrial space for lease, it’s easy to overlook the non-industrial features and benefits of a building. But before you commit to a property, consider this question: will the business activities taking place inside the building be purely industrial (storage, distribution, etc.), or will you require some amount of onsite office space as well? How about a showroom for customers to view your products?
Many businesses find that what they actually need is a flex space with both office and industrial capabilities. By finding one property that fits both needs, you can streamline your operational processes, reduce the need for multiple commercial leases, and usually save money in the long run.
Looking for an industrial space to lease in Cleveland, Ohio? Contact Cushman & Wakefield | CRESCO Real Estate’s team of experts for more information about our industrial advisory 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.