Alec Pacella, CCIM
NAI Daus in Cleveland, Ohio
Let the Good Times Roll
The year 2007 was interesting for Cleveland’s commercial real
estate investment market. It was the third straight year of a red hot market, with annual sales volumes consistently exceeding the vaunted $1 billion level. There was no shortage of buyers looking to jump in before anticipated values hiked even higher and sellers looking to take advantage of record-setting pricing levels. And there were deals in every size – small, medium, large and supersized. All of this culminated in a high-water mark in sales volume that year, with just over $1.3 billion of investment properties changing hands. But, just like Cleveland’s weather, change can come quickly. The following year was one of transition.
Although the overall volume was a respectable $700 million, the majority of activity was transacted over the first half of the year. The volume subsequently fell off the table, with a scant $190 million trading hands in 2009 followed by $290 million in 2010. Since then, the market has slowly but surely climbed back, with the last few years hovering
right around $800 million. As we headed into 2017, the market looked eerily similar to a decade earlier, including a very good opportunity to return to record-breaking levels. To see how this past year unfolded, read on by clicking here. Jan 2018 – Pacella article