CLEVELAND—In August, Lee & Associates continued its national expansion by opening an office in Cleveland, the company's first in Ohio, but its 50th in the US. This latest expansion follows a series of recent Lee office openings in New York, New Jersey, Baltimore, Naples/Ft. Myers, FL, Charleston, Atlanta, Indianapolis, Kansas City and Greenville, SC. Company officials say they will continue their strategy of nationwide expansion in 2014 and beyond.
Joseph Greenberg, one of the founding partners of Lee & Associates Cleveland, has 15 years of commercial real estate experience. For the last seven years, he has run Greenberg Real Estate Advisors, which specializes in landlord representation. At the time of his transition from Greenberg Real Estate Advisors to Lee & Associates, the firm handled the leasing of nearly 4-million-square-feet in Northeast Ohio. Greenberg recently spoke to Globest.com about Cleveland, the region's commercial real estate market and Le Bron James.
Q: Your office recently joined Lee & Associates, what can you tell us about the current Cleveland commercial real estate market?
A: The market has tightened markedly through all asset classes over the last couple of years. The CBD is seeing significant development activity that has been nothing short of transformative. To show how far we have come, we will be hosting the Republican National Convention in 2016.
Q: How does Cleveland compare to the rest of the country? Stronger? Weaker?
A: Everyone was hit hard in 07' through '09 but Cleveland is a less volatile market than most in terms fluctuation in rents and vacancy rates. In Cleveland the highs were never very high but the lows were never very low either.
Q: What markets are the strongest?
A: While all asset classes are enjoying a successful period and the hotel construction in the CBD is notable, the thousands of apartment and condos units that have been developed in the CBD over the last few years have really been grabbing headlines locally. It is reaching the tipping point where people see the CBD as a livable neighborhood and that has spurred all kinds of development and positivity.
Q: How would you say Cleveland fared following the recession?
A: Post-recession some big projects came together which brought a renewed sense of vibrancy and possibility. Because Cleveland is a stable market, which was demonstrated during the recession, investors did not shy away from commercial real estate. In fact, we are starting to see new development in multifamily housing, hospitality and new office projects in the CBD.
Q: Were you surprised by how the market responded?
A: I think everyone is sort of in awe of how the city is physically transforming in such an impressive way. People in Cleveland are very proud of our community and the business community is investing in a significant way.
Q: How do you see the Cleveland market shaping up going into 4Q and beyond?
A: There is tremendous momentum and I expect more new project announcements, particularly in the CBD going into next year.
Q: What do you think is the best kept secret about Cleveland's real estate market?
A: It's stability. While I hate using the term “under the radar,” Cleveland is usually not one of the metropolitan regions that are under the scrutiny from the national media. However, it's not a fluke that this region has escaped some of sever repercussions of the recession. But the secret is starting to get out, as reflected in the rising interest in the area. The Republican Convention, and of course, Le Bron James coming home.
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Brian J. Rogal
Brian J. Rogal is a Chicago-based freelance writer with years of experience as an investigative reporter and editor, most notably at The Chicago Reporter, where he concentrated on housing issues. He also has written extensively on alternative energy and the payments card industry for national trade publications.
