Trends related to commercial real estate tell the people of Ohio more than simply trends related to construction or leasing. In fact, information about commercial real estate trends can help one to examine the health of the entire economy. Fortunately for the people of Cleveland, commercial real estate growth appears to be continuing.
Colliers International recently released its reports for the fourth quarter of 2015. In the report covering the 18 counties in northern Ohio, the news is good. Retail vacancy continued to drop in the last three months of 2015, and it is expected to continue to drop during the first three months of 2016. In fact, overall occupancy levels for the region are above 90 percent and, in some markets, above 95 percent.
Additional good news came from the construction sector. Construction in the region has been slow recently, making the fact that projects, either already underway or in planning phases, total nearly 4 million square feet more good news for the area. These projects include expansions of national and regional chains, new retailers, and luxury brands.
The report indicates that the economy in Cleveland and surrounding northern Ohio is fully recovered. This news is making many people in the region consider once again investing in commercial real estate in Cleveland and its suburbs. For those who are considering making such investments, it is wise to have the help of experienced real estate lawyers. This type of legal professional can ensure an investment is protected legally to ensure a client’s financial protection.