At Cushman & Wakefield | CRESCO, we monitor our local real estate market down to the transaction level to give our clients the clearest view of the marketplace. We use the data to provide counsel, insights and forecasts. Others use it to understand the market and complement the decision-making process.
Industrial rents in Cleveland are rising, a trend likely to continue for at least the next 12-18 months. Our vacancy rate is 3.8%, which is too low to sustain the amount of industrial demand from growing enterprises.
Most of these trends are consistent with national themes. Industrial real estate costs have been rising because of scarcity. We’d expect more speculative new construction to meet the growing demand. In Cleveland, however, rents have not increased quickly enough to warrant new construction. Even with soaring increases in wages and materials in recent months, the Cleveland area is seeing the fruits of new construction coming online and more on the way.
What will this do to the industrial real estate market next quarter? Or over the long term? Contact our colleague George Pofok who leads our industrial research for sharper insights and to find out more.
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