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Market Report

Cleveland Retail Market Report

2019 Outlook

Developers Increasingly Confident As Economy Sustains Momentum

Vacancy remains tight despite soaring construction.
Retail developers will capitalize on Cleveland’s strengthening economy this year, accelerating construction efforts amid the metro’s boost in overall spending power. Home-improvement retailer Menard’s is adding two locations in Northeast Ohio this year in Avon and Mentor. In addition, the Pinecrest project in Beachwood will receive the finishing touches on its retail space, while several grocery stores and strip centers account for much of the remaining retail property being constructed in the market. Despite the influx of available space, absorption is expected to remain strong, pushing vacancy into the low-5 percent area. Though the infusion of space will not weigh on vacancy, it may ease rent growth after a nearly 10 percent increase was recorded last year. Downtown Cleveland will remain the submarket with the highest asking rent by a considerable margin with more room for growth as vacancy is stationed under 4 percent and the area’s revitalization is beginning to attract businesses and residents from the suburbs.

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