Year of "OPPORTUNITY"

Year of “OPPORTUNITY”

Year End (2010) Commercial Real Estate Market - Ohio Northwest and Southwest

Northwest market – Avon Lake, Avon, Westlake, North Olmsted, Sheffield Village, Amherst, Vermilion, Rocky River, Bay Village, Oberlin, North Ridgeville, Lakewood, Elyria, and Lorain  

Southwest market – Middleburg Heights, Berea, Strongsville, Olmsted Falls, West Cleveland, Grafton, LaGrange, North Royalton, Parma, Brunswick, Medina

Activity has picked up from 2009 to 2010 in the Northwest and Southwest markets.  Land has been transferring for the first time since pre-recession.  Distressed sales continue and have afforded many buyers great opportunities in commercial real estate.  We have seen a major difference from ’09 to ’10 – FINANCING, SBA financing to be more specific.  2009 brought many cash deals to the table while 2010 has once again opened the doors for financing. 

Currently, these markets are showing a shortage of free-standing Industrial buildings 30,000 SF to 60,000 SF available FOR SALE.  We seem to have buyers for these specifications, but no sellers. 

To sum up 2010 in the Ohio Northwest and Southwest markets –

GREAT OPPORTUNITIES.

Looking forward to 2011-

Mike Petrigan