Activity in the commercial real estate market continues to be encouraging. The number of showings has increased though we are still waiting patiently for closings. Leases are more common than sales and they are tending to be shorter 1-3 year terms unlike the 5 +year terms we saw in the mid 2000’s. Sales are still slow because of the lending environment. There appears to be a slight loosening of the purse strings from lenders though 20% equity requirement for owner occupied buildings remains the norm. Investment financing often requires upwards of 30%-25% equity.
The landscape in MidTown is beginning to change dramatically with significant construction activity underway. Pierre’s Ice Cream is under construction for a new ice cream production facility. American Sugar is planning to break ground in the spring on an expansion of their facility on Carnegie. The Geis companies has broken ground and moving quickly on the construction of a 128,000 sf spec flex building with additional plans to renovate 7000 Euclid Avenue for use as office/lab space. Cleveland Housing Network is almost under roof for their 30 unit apartment building at East 75th & Euclid. Finally, the eight story Rubgy & Eton Hall buildings are currently being demolished by PIRHL in order to make way for a 49 unit senior housing development.
In addition to the listings below we do represent tenants as evidence by our representation of a new lease of 13,000 sf for Bright Ideas Press. We are currently representing tenants looking for space including a 10-15,000 sf warehouse purchase and a 20-30,000 sf purchase of a clean industrial space for food production.