Cleveland’s investment market turned in another strong year in 2014. Bolstered by improving real estate fundamentals and increased access to debt, investors were active across most sectors. And although distressed real estate continues to play a role in the overall market, it has significantly diminished when compared to a few years ago. After seeing the investment sales volume bottom out in 2009 at just over $190 million, the market has benefitted from a slow but steady improvement. The investment sales volume for 2014 was $714 million.…

Author: Alec Pacella NAI Daus – Managing Director [email protected] Twitter @dausyouknow In 1994, I purchased my first house – hard to believe that was over 20 years ago. And  although it was exciting, the thing that I remember most about that house was a conversation with the lender about the mortgage. I know – I have issues, but those that were around the real estate biz back then may remember how mortgage rates were at “historical lows.” And at 7.75%, my rate was indeed attractive (at…

The Northeast Ohio office market ended 2014 with minimal fanfare statistically speaking, but the future looks exceedingly bright. Overall, vacancy increased a minimal .32 basis points, mainly due to the addition of a now vacant suburban office building in the Southwest submarket, formerly occupied by NASA. But this seemingly lackluster activity doesn’t paint the complete picture. The Central Business District (CBD) is in the midst of a renaissance, which took center stage in 2014. The city’s resurgence received national recognition…

The Northeast Ohio Industrial market is the tightest it has been in well over a decade and ended 2014 at 6.92 percent vacant. This is a decrease from 7.69 percent at the end of 2013. Over the course of the year, there was 2.7 million square feet of net absorption, as compared to 2.4 million in 2013. However, helping to moderate this increase was the fact that suitable industrial product became more difficult to acquire in 2014 as the market…

NAI Daus announced today the promotion of Jill Dzina, ARM ® to Assistant Vice President and Senior Property Manager in the Property Management Division of NAI Daus. “Jill’s impressive track record and dedication makes her a natural choice for this position,” said NAI Daus’ President of Property Management, Ira Krumholz. Our focus on building relationships is fundamental to our business and Jill has consistently demonstrated her ability to connect with clients by understanding their business challenges and providing the right…

CYCLING UP! Several years ago, I had the opportunity to listen to a noted professor and author by the name of Glenn Mueller. In addition to being on the faculty at the University of Denver, he also has written several notable research publications. One of the things that Mueller often talks about is what phase we are in according to the real estate cycle and as we close out 2014 and look forward to 2015, I have no doubt that…

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Interest in property for investment has been growing by leaps and bounds. If you’re willing to take the risks associated with owning commercial property and want a higher yield than banks are offering, it might be time to become a landlord. “Today, people are looking for yield,” says Bob Brehmer, principal, NAI Daus. “They are getting point-nothing at the bank. “And when you balance your risk with reality by picking a team to help you, it’ll be a more successful…

Our NAI Daus Property Management Division sponsored the local ABB’s (abb.com) annual charity golf outing to benefit Rainbow Babies & Children’s Hospital and JDRF. The event took place at Fowler’s Mill Golf Course in Chesterland on Saturday, August 9th, 2014.  BPS Management, a Division of NAI Daus, is a full service property management company specializing in Office, Industrial, Retail, Facilities Management, Multi-Housing and Student Housing. Contact Ira Krumholz at 216-455-0905, [email protected]

The Northeast Ohio office market continues to improve and overall net absorption year to date is nearly 50,000 square feet. Large blocks of class A space are scarce in some areas, prompting plans for several new office developments between downtown and Chagrin Boulevard. The developers of the Flats East Bank Project have announced plans to proceed with a second office development, likely on a speculative basis. Phase II of the project is already underway with apartments and retailers being added…