Let the Good Times Roll

Alec Pacella, CCIM
Managing Partner
NAI Daus in Cleveland, Ohio
@dausyouknow Twitter
[email protected]

Let the Good Times Roll
The year 2007 was interesting for Cleveland’s commercial real
estate investment market. It was the third straight year of a red hot market, with annual sales volumes consistently exceeding the vaunted $1 billion level. There was no shortage of buyers looking to jump in before anticipated values hiked even higher and sellers looking to take advantage of record-setting pricing levels. And there were deals in every size – small, medium, large and supersized. All of this culminated in a high-water mark in sales volume that year, with just over $1.3 billion of investment properties changing hands. But, just like Cleveland’s weather, change can come quickly. The following year was one of transition.

Although the overall volume was a respectable $700 million, the majority of activity was transacted over the first half of the year. The volume subsequently fell off the table, with a scant $190 million trading hands in 2009 followed by $290 million in 2010. Since then, the market has slowly but surely climbed back, with the last few years hovering

right around $800 million. As we headed into 2017, the market looked eerily similar to a decade earlier, including a very good opportunity to return to record-breaking levels. To see how this past year unfolded, read on by clicking here. Jan 2018 – Pacella article