Akron-headquartered commercial real-estate brokerage
Overall, the commercial real-estate market is certainly more active than it was a year ago. The industrial market ó demand for manufacturing space in particular ó is definitely on the upswing in Northeast Ohio.
In fact, we are starting to see a shortage of certain industrial space in the larger 100,000-square-foot-and-up warehouse and manufacturing facilities. Three years ago, I couldnít even imagine saying that.
A lot of industrial space has moved in the last 12 months. This is both space that has been sold and leased. Both sides of that equation have been active.
Iím not alone in my eager anticipation of some new larger facilities coming on the market. All my competitors are kind of in the same boat. We just donít see the large blocks of space rolling out. The recession put a lot of product on the market and weíve moved a lot of product in the last 12 months.
Itís inevitable that new construction is right around the corner, and we look forward to seeing some new industrial space come out of the ground in 2013 and 2014.
Unfortunately, the office and retail markets have not seen the same level of activity. Those markets are still struggling. But we do see encouraging signs.