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Commercial Real Estate in Cleveland, OH - 230 Properties Available

Cleveland, OH Economic Overview

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Located on the southern shore of Lake Erie, Cleveland is connected to the upper Midwest by way of canals and railroad lines. Given its easy access to trade by way of water and train, its economic history in manufacturing is unsurprising. Today, the economic backbone of Cleveland has diversified and, while steel and many other manufacturing goods are still leading industries, health care, bio-science, and technology are driving the city forward.

Cleveland underwent a major revitalization process in 2016. According to Forbes, 29 projects with more than $3.5 billion in investment have either opened or are scheduled to open in the city between 2016 and 2018. These improvements aim to create public green spaces and economic development. Greenways are being instituted, as well as landscape gardens. These projects emphasize similar initiatives that have taken place in New York, Washington, and Chicago, which are aiming to become more “green" cities.

Cleveland, OH Commercial Real Estate Market

Finding good real estate in Cleveland is a given, as the city seeks to make major improvements in their commercial developments, most notably in the following neighborhoods:

Downtown Cleveland: Considered to be the central business district of the city, Downtown Cleveland has great potential for businesses in the commercial real estate market. Between 2010 and 2014, Cleveland saw more than $4.5 billion in residential and commercial developments and, in 2012, Forbes mentioned this Cleveland real estate submarket in their list of “15 U.S. Cities’ Emerging Downtown."

Located in Downtown Cleveland, the Warehouse District has a presence all its own. It is nationally recognized as a historic district and was originally the center of Cleveland’s commercial area in the early 1900s. Those old warehouses have now been rehabilitated to suit various commercial and residential uses. Currently, development in the area is booming because old warehouse buildings are fertile ground for new renovation and development, while still preserving the historic facade of the region making it a popular neighborhood with a vibrant culture.

University Circle: As the name implies, University Circle has a strong academic presence and is home to several museums, cultural exhibits, and education institutions. Higher learning is a major part of the neighborhood’s lifestyle and is home to over 13,000 undergraduate, graduate, and professional students. While the resident population is just under 10,000 residents, there are an estimated 30,000 people who work there, making it vital to the local economy. The Case Medical Center is also located in the neighborhood and is considered to be one of America’s top hospitals in 13 medical and surgical specialties. Other notable medical institutions include the Ireland Cancer Center, MacDonald Women’s Hospital, Rainbow Babies & Children’s Hospital, and the Center for Clinical Research, which is the largest medical research center in the state.

Cleveland, OH Office Sales Volume

Data provided by Yardi Matrix, for properties larger than 50K SF, which sold at over $5M.

Cleveland, OH Office Transactions

Data provided by Yardi Matrix, for properties larger than 50K SF, which sold at over $5M.

Cleveland, OH Commercial Inventory Breakdown

Office Spaces

Total: 24,934,491 SF

Data provided by Yardi Matrix, properties over 50k SF, includes office with retail

By square footage range:

  • 50k to 100k SF: 2,627,940 SF / 10.54% of total office
  • 100k to 500k SF: 12,004,866 SF / 48.15% of total office
  • 500k to 1M SF: 7,766,064 SF / 31.15% of total office
  • > 1M SF: 2,535,621 SF / 10.17% of total office

By class:

  • Class A: 13,820,687 SF / 55.43% of total office
  • Class B: 9,405,561 SF / 37.72% of total office
  • Class C: 406,863 SF / 1.63% of total office

Industrial

Total: 20,168,562 SF

Data provided by Yardi Matrix, properties over 50k SF

By square footage range:

  • 100k to 500k SF: 16,745,237 SF / 83.03% of total industrial
  • 500k to 1M SF: 3,423,325 SF / 16.97% of total industrial

By class:

  • Class A: 1,074,660 SF / 5.33% of total industrial
  • Class B: 14,915,433 SF / 73.95% of total industrial
  • Class C: 3,948,469 SF / 19.58% of total industrial

Employment in Cleveland, OH

Employment

Listed below are the top 5 professions and the percentage of residents in Cleveland who work in that field:

  • Sales, Office, Administrative Support (23.48%);
  • Production, Transportation, Material Moving (16.99%);
  • Management, Business, Finance (9.31%);
  • Food Preparation, Serving (8.02%);
  • Building Maintenance (6.23%).

Other notable fields of interest include technology, healthcare, and bio-science as these fields are currently being pursued in academic institutions.

Education in Cleveland, OH

According to the latest census data, 78.7% of Cleveland’s residents have a high school degree and 16.2% have a bachelor’s degree or higher. The percentage of people with higher education is growing particularly among young adults. Education institutions include Case Western Reserve University, Cleveland State University, Cuyahoga Community College, and Bryant & Stratton College. There is a strong presence of medical students and professionals in academics as well given the research centers and hospitals committed to medical advancement.

Commuting Time in Cleveland, OH

The average commute time in Cleveland is 24.9 minutes and the US average is 25.4 minutes making Cleveland better off than most of the country. The city also has a great public transportation system that includes rapid transit trains and buses. The availability of public transportation helps to ease highway congestion and also is part of the city’s efforts to become more environmentally friendly.

Cleveland Demographics

Population

  • Total Population388,812
  • Male Population(47.9 %) 186,427
  • Female Population(52.1 %) 202,385
  • Median Age35.80

Income/Financial

  • Average Household Income$41,643
  • Median Household Income$27,854
  • Median Income Under 25$16,288
  • Median Income 25-44$31,813
  • Median Income 45-64$29,772
  • Median Income Over 65$23,699

News

  Ever since Gordon Gekko uttered his now infamous credo, “greed is good,” many economists have been concerned with the long-term effects of the growing income inequality in the U.S. While free-market enthusiasts see things differently, inequality has become a recurring topic within our news cyc...

Amazon’s search for a new home has stirred up city officials and developers across the country, and 238 applicants across North America have expressed interest in housing the company’s next headquarters. Of course, the retail giant has a few requirements: the chosen metropolitan area should idea...

  The U.S. office market is one of the most expensive in the world, and a top destination for national and offshore investors alike. It’s no wonder then that office assets in the States fetch exorbitant prices and investors continue to pump capital into developing bigger and better office buildi...

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