Properties Magazine November 2012 : Page 42

NAIOP NEWS Commercial real estate happenings Northeast Ohio Market Update attleground state, QE3 and European banking turmoil – these are just a few issues on the minds of local business-people in recent months. The first issue has been settled with the reelection of President Obama. The other issues are still being watched closely. B TOM WEST JOHN GLASSTETTER No matter the political scene, have received proposals from 31 bid-Cleveland business leaders remain opti-ders for both the sale and the relocation mistic. The Greater Cleveland area requirements. The outcome of this offer-ing will certainly continues to enjoy a influence the office lower unemployment real estate market in rate of 7.3%, versus the national average 11/29 Thursday: Annual Meeting and Cleveland’s CBD. The Cleveland of 8.1%. The State Holiday Party 5:00-7:00 pm. Location: Ariel of Ohio also has a Ventures International Center, 1163 East 40th CBD office market an over-lower than national Street. Hosted/sponsored by Ariel Ventures saw unemployment rate and First American National Commercial all vacancy rate decrease to 19.1% of 7.2%. Services. Open to Members Only for the third quar-Cuyahoga County, where Cleveland is For additional info on these events, to ter, versus 19.5% in sponsor, or to register, visit the NAIOP located, has embarked Northern Ohio website at: www.naiop. the second quarter on a major consolida-org/NORTHERN_OHIO/index.cfm, or of 2012. Class A over-tion, which will affect contact Donna Haders at (440) 899-all CBD vacancy the Cleveland office 0010 or djh@wherryassoc.com. decreased slightly market. The County is selling 13 properties and they are look-to 13.3%, versus 13.5% last quarter; ing to consolidate into 225,000 square however, class A asking rental rates feet of downtown office space. They decreased slightly to $21.52 per square Upcoming NAIOP Events 7KHQVWRSKLULQJÀ\
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 42 3URSHUWLHV | November 2012

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