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2010 Leasing Trends in Medina County
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Northeast Ohio has tunneled its way through another snowy winter and spring is just around the corner. Spring is always welcome in the real estate business, but never more so than now.
Here in Medina County, we are definitely beginning to see an increase in activity as business owners become more optimistic about Ohio’s economy. While Commercial, Industrial and Retail space opportunities still abound, many experts believe that Ohio rents have bottomed out and now is the optimum time to negotiate that new lease agreement.
Some experts believe that the drivers of demand for industrial space – production activity, freight shipments and global trade – have bottomed out and begun to show some tentative growth. This is welcome news, and an indication that the market for such properties in Northeast Ohio is finally beginning to stabilize. In speaking with Medina colleagues (and yes, some competitors), the general consensus is that the calls in Medina are definitely increasing. Some of those calls are for businesses looking to downsize, and Medina County offers a number of very attractive sites for anyone looking for a less expensive and/or more efficient industrial or commercial space.
Retail also appears to be a hopeful commercial sector due to an expected rise in consumer confidence as Northeast Ohio home prices stabilize and even begin to rise. The recent recession put a halt to many new retail development projects. With financing remaining a challenge, some projects are unlikely to get underway until next year. Medina County’s newly-renovated Fenn Plaza Shopping Center has attracted a great deal of attention, and we are definitely seeing more activity as retailers begin searching for new or additional space.
Businesses looking for new office space are calling, too. Many of those inquiries, at least so far, are simply “shopping” to see what Medina office space is available and what the current rents are. But the great news is that the phones are ringing and some inquiries are moving further into the proverbial pipeline towards negotiation of a new lease.
2009 was a tough year for everyone, and never more so than in the Northeast Ohio real estate market. If the first quarter of 2010 is any indication of the activity to come, we are cautiously optimistic that it’s going to be a good year for Medina County and for Northeast Ohio.
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