Industrial market keeps commercial realty market brisk despite pandemic

Despite the closings of restaurants, offices and factories due to the COVID-19 pandemic and the statewide stay-at-home order, the commercial realty market remains strong, with an expanded appetite for warehouse space, Crain’s Cleveland reports. The “wave of business shutdowns and social distancing” is “bringing more medical, packaging and food businesses into the fray,” joining “a market that’s already heated due to the push for more space to accommodate last-mile deliveries serving the rise of online shopping,” according to the article. At commercial real estate firm CBRE’s Cleveland office, “the industrial unit has not seen a negative impact, but the office sector has slowed and elements of the retail market have changed direction.” For more, read the full article.

Economic Development, State Updates