The Northeast Ohio Industrial market continues to tighten and year-to-date net absorption was just over 700,000 square feet at the end of the 2nd quarter, lowering the vacancy 45 basis points to 7.24 percent. There has been a significant increase in new construction projects and the first 100 percent speculative development since 2008 will commence this summer. The 100,000-square-foot Bluestone Business Center I was recently completed, with 32,000 square feet occupied by Remedi SeniorCare of Ohio-Northeast LLC. The park is located on the former site of PMX Industries and Chase Brass in Euclid, Ohio, in the Northeast submarket. There continues to be a limited supply of modern industrial facilities. Therefore, build-to-suits and expansions are becoming more prevalent as users find it increasingly difficult to locate viable existing product. By the end of 2014, there will be two million square feet under construction, the largest total square footage added to inventory since 2007 and more than the last 3.5 years of construction combined….
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NAI Daus Industrial 2nd Qtr 2014