The Change in Suburban Office Construction in the Eastern Submarket of Cleveland, Ohio

2017 Investment Sales are off to a strong start.

By Alec Pacella, CCIM Managing Partner at NAI Daus apacella@naidaus.com (216) 455-0925 Twitter @dausyouknow I always appreciate when readers of this column take the time to reach out to me. Sometimes I know the person and sometimes I don’t but regardless, it is certainly always a delight to hear your comments. Last month, while at a real estate event, I was engaged in a discussion by a reader. This particular individual had one pressing question. No, they didn’t want to…

By Ira Krumholz President of NAI Daus Property Management ikrumholz@naidaus.com Twitter @IraKrumholz One of the primary duties of a property management firm is to ensure that a real estate asset is being properly maintained. While some firms are set up to complete the majority of these services in house, most will use third-party service providers to perform at least some of these tasks. Therefore, the contract between the management company and the service provider becomes a critical document. This month, we…

By Ira Krumholz President of NAI Daus Property Management ikrumholz@naidaus.com A few months ago, most property owners received a letter from their county auditor that revealed their new 2015 re-assessment. Every six years, the Ohio Revised Code requires each county to reappraise all of their respective taxing parcels. These reappraisals are updated every three years, a triennial update. In 2015, all of the parcels in Cuyahoga, Lake, Lorain and Portage counties were updated. Mistakes can sometimes happen, especially considering these…

Multi-Tasking Tool By Alec Pacella Managing Partner of NAI Daus apacella@naidaus.com Among the favorite memories of my youth were birthday celebrations – most notably, mine. Both of my parents had six siblings and even though all of my aunts and uncles worked hard to make ends meet, they would always remember my birthday. The gifts were typical fare for that era – Matchbox cars, puzzles and baseball cards. But one of my uncles, Uncle Ralph, would always get me something…

By Ira Krumholz President, NAI Daus Property Management Division ikrumholz@naidaus.com Momentum was certainly a key word last year. At the top of the list was the great positive momentum associated with Cleveland’s multifamily sector. Much of this was associated with Cleveland’s central business district, which grabbed most of the headlines. During 2015, nearly 500 new units were completed in the downtown area, but despite this additional inventory, occupancy rates continued to hover near 100 percent. There are approximately 275 units…

Last month, we introduced a discussion that compared leasing real estate versus owning. The focus of that article was on some of the primary advantages and disadvantages of each and included at least some degree of subjectivity. This month, we are going to look at a much more objective measure. There are actually two different analytical measurements that can be used. One utilized the net present value (NPV) of each alternative while the other utilizes the IRR of the differential…

By Ira Krumholz, President of NAI Daus Property Management Division ikrumholz@naidaus.com A few months ago, most property owners received a letter from their county auditor that revealed their new 2015 re-assessment. Every six years, the Ohio Revised Code requires each county to reappraise all of their respective taxing parcels. These reappraisals are updated every three years, a triennial update. In 2015, all of the parcels in Cuyahoga, Lake, Lorain and Portage counties were updated. Mistakes can sometimes happen, especially considering these…