CRE i Ohio

REJournals' Cleveland CRE Summit: Celebrating a booming market

A crowd of more than 150 gathered to hear the good news at the 4th annual Cleveland Commercial Real Estate Summit. A crowd of more than 150 gathered to hear the good news at the 4th annual Cleveland Commercial Real Estate Summit.
How strong are Cleveland's commercial sectors? Very strong, as the speakers on the summit's second panel shared. Speaking on this panel were Mark Abood, senior vice president and principal, Colliers International; Jim Leonard, senior managing director, capital markets, Pinnacle Financial Group, Inc, a Marcus & Millichap Co.; Rico Pietro, principal, Cushman & Wakefield/CRESCO Real Estate; Joseph Khouri, first vice president, CBRE; David Stover, principal and managing director, Hanna Commerical. How strong are Cleveland's commercial sectors? Very strong, as the speakers on the summit's second panel shared. Speaking on this panel were Mark Abood, senior vice president and principal, Colliers International; Jim Leonard, senior managing director, capital markets, Pinnacle Financial Group, Inc, a Marcus & Millichap Co.; Rico Pietro, principal, Cushman & Wakefield/CRESCO Real Estate; Joseph Khouri, first vice president, CBRE; David Stover, principal and managing director, Hanna Commerical.
Speaking on the Downtown and Suburban Developments -- Game Changer Projects panel were Gregory Schenk, president, The Schenk Company; Kevin Callahan, senior partner, Premier Development Partners; Mario Sinicariello, president, Omni Senior Living; Ezra Stark, chief operating officer, Stark Enterprises; and Jim Doyle, founder and principal, Hemingway Development. Speaking on the Downtown and Suburban Developments -- Game Changer Projects panel were Gregory Schenk, president, The Schenk Company; Kevin Callahan, senior partner, Premier Development Partners; Mario Sinicariello, president, Omni Senior Living; Ezra Stark, chief operating officer, Stark Enterprises; and Jim Doyle, founder and principal, Hemingway Development.
Michael Deemer, executive vice president of business development with the Downtown Cleveland Alliance, opened the conference. Michael Deemer, executive vice president of business development with the Downtown Cleveland Alliance, opened the conference.
Gathered after their panel are Mark Abood, senior vice president and principal, Colliers International; Rico Pietro, principal, Cushman & Wakefield/CRESCO Real Estate; Joseph Khouri, first vice president, CBRE; and David Stover, principal and managing director, Hanna Commercial. Not pictured is Jim Leonard, senior managing director of capital markets, Pinnacle Financial Group. Gathered after their panel are Mark Abood, senior vice president and principal, Colliers International; Rico Pietro, principal, Cushman & Wakefield/CRESCO Real Estate; Joseph Khouri, first vice president, CBRE; and David Stover, principal and managing director, Hanna Commercial. Not pictured is Jim Leonard, senior managing director of capital markets, Pinnacle Financial Group.
Ezra Stark, chief operating officer, Stark Enterprises; Mario Sinicariello, president, Omni Senior Living; Jim Doyle, founder and principal, Hemingway Development; Gregory Schenk, president, The Schenk Company; and Kevin Callahan, senior partner, Premier Development Partners. Ezra Stark, chief operating officer, Stark Enterprises; Mario Sinicariello, president, Omni Senior Living; Jim Doyle, founder and principal, Hemingway Development; Gregory Schenk, president, The Schenk Company; and Kevin Callahan, senior partner, Premier Development Partners.
Cleveland's apartment market is soaring. Answering questions about this sector were Aaron Pechota, senior vice president, The NRP Group LLC; Nick Soeder, principal broker, Adams Lynch Associates; Daniel Burkons, senior managing director, Marcus & Millichap/IPA Midwest Multifamily; Patricia Gaul, senior vice president of business/general counsel, Playhouses Square Foundation; and Gary Cooper, senior vice president and principal, Multifamily Advisory Group, Colliers International. Cleveland's apartment market is soaring. Answering questions about this sector were Aaron Pechota, senior vice president, The NRP Group LLC; Nick Soeder, principal broker, Adams Lynch Associates; Daniel Burkons, senior managing director, Marcus & Millichap/IPA Midwest Multifamily; Patricia Gaul, senior vice president of business/general counsel, Playhouses Square Foundation; and Gary Cooper, senior vice president and principal, Multifamily Advisory Group, Colliers International.

More than 150 of the top commercial real estate pros in the Cleveland market headed to Windows on the River in Cleveland last week for REJournals' fourth annual Cleveland CRE Summit.

The event, held June 27, focused on the strong commercial activity taking place in Cleveland and its suburbs. Presenters spoke about the booming multifamily and industrial markets, and spoke about the improvements in the area's retail and office sectors, too.

The multifamily market is an especially strong one in Cleveland, with more 1,400 apartments now under construction, according to conference speakers. The industrial market continues to shine, too, with vacancy rates under 5 percent in most sectors.

"This is my 30th year in commercial real estate," said David Stover, principal and executive managing director with Cleveland's Hanna Commercial Real Estate and a speaker at the conference. "I'd say the industrial market in Cleveland today is pretty strong. We don't get too hot like the bigger markets, places like Chicago. But we also don't get too hot here. Right now, our market is very healthy."

The best news? Cleveland's CRE sectors are showing no signs of a slowdown.

Just consider the multifamily sector, which is still in growth mode.

“You still have a lot of demand,” said Gary Cooper, senior vice president and principal with the Cleveland-Akron office of Colliers International and another speaker at the conference. “The biggest difference between now and 2015 or so is that you have had a reasonable amount of inventory that has come online. There are a few more options for renters. It’s not like when there was a waiting list of six to eight months.”

The key takeaway from the summit? Cleveland's commercial real estate market is on the rise, and shows no signs of a slowdown.