IRR-Cleveland Mid-Year Viewpoint 2015 Local Market Report - Retail
Overall, the retail market has continued to experience gradual recovery with some new construction replacing older outdated facilities. Most new commercial development has been primarily focused on freestanding build-to-suit retail development as Giant Eagle’s continued relocation from older facilities into new stores. The west market, and the city of Avon in particular, has experienced the most significant retail expansion, anchored by the recently completed Cleveland Clinic medical campus located at the newly installed highway interchange at I-90 and Lear Road.
The west market, fueled by continuous residential expansion, should also benefit from the anticipated completion of the American Greeting HQ, which will provide an additional anchor to the Crocker Park mixed-use lifestyle development. The downtown Cleveland CBD appears ripe for retail development to serve its growing residential population—on this note, developers will be paying especially close attention to the performance of Heinen’s Grocery upon its opening at the beginning of 2015.
The east and southeast markets have remained stable with inline space filling up and rents remaining relatively constant. In the south suburban market, the long-awaited redevelopment of the former enclosed Parma Town Mall began and experienced strong pre-leasing, successfully converting the complex into a modern open air center. In the Greater Akron MSA (the Chappell Hill Mall corridor) has been able to preserve stabilized occupancy and rent levels, but continues struggling to maintain its retail destination locale as the population migrates outside the trade area. Overall, continued stabilized stabilized occupancy and rental rates are anticipated throughout the market area.
Download the full version PDF of this Local Market Report below. It includes graphs and tables.
IRR Mid-Year Viewpoint 2015 comprises a National Overview report and 300+ two-page Local Market Reports for all key property types as well as additional resources, including metrics methodology, graphs, and tables; these free reports may be downloaded from IRR’s site here.