Cleveland’s investment market turned in another strong year in 2014. Bolstered by improving real estate fundamentals and increased access to debt, investors were active across most sectors. And although distressed real estate continues to play a role in the overall market, it has significantly diminished when compared to a few years ago.
After seeing the investment sales volume bottom out in 2009 at just over $190 million, the market has benefitted from a slow but steady improvement. The investment sales volume for 2014 was $714 million. While this is slightly lower than the $790 million achieved in 2013, the volume achieved last year is significant for three reasons. First, it marks the third straight year of volume in excess of $700 million, a threshold that typifies a ‘normal’ investment market for Cleveland. Second, although the total dollar volume was 7% lower in 2014 as compared to 2013, the number of deals was nearly 40% higher – 109 investment transactions in excess of $1 million in 2014 as compared to 79 in 2013. And third, the market saw a return of several significant ‘keynote’ deals in several segments, including transfers of Golden Gate Plaza in Mayfield Heights and the Summit Park office complex on Rockside Road. Click here for full report.