With a plethora of big buildings adding millions of square feet to the industrial market during the past five years, the direction of the market is showing some signs of turning downward, though by a nose.
Office market woes are growing as the long tail of COVID-19's impact on the workplace increasingly surfaces as leases expire. Meanwhile, rising interest rates and lender caution are adding to the issues multitenant office building owners face.
The upshot of real estate brokerage market surveys in the new year shows the Cleveland-area office market gaining vacancy, while industrial building vacancy declined, even with a continued flood of industrial buildings.
David Hollister is dealing with a relentless sickness. Although privacy is the reason most people keep a serious illness quiet, it's a widely held practice in the commercial real estate brokerage to keep it secret to protect commission income from aggressive competitors. Hollister shows, and others say, that belief may be starting to change.