We have recently signed two new office leases. Horizon Health Services has leased 3,923 Sf at 4608 St. Clair Avenue. The State of Ohio has signed a lease for 2,466 SF at 4614 Prospect Avenue.
It is no secret that the commercial real estate industry has seen better times. However, that does not mean deals are not getting done. Quite to the contrary, the City of Cleveland continues to attract investment from businesses who desire to be “where the action is”. Buyers are finding good value in the marketplace. Tenants are able to take advantage of lower rental rates. Leases tend to be short term as tenants look to maintain flexibility. Landlords are also reluctant to make long term commitments based on lower rents, holding out hope that market value rents will creep up in the coming years.
Please feel free to call Scott with any questions you may have about specific properties or general market conditions.
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