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Spec Industrial Coming to Low-Vacancy NE Ohio
Connect Industrial is coming up on July 11 in Chicago. Here’s a link for more information about the conference and to register.
Westminster Capital has broken ground on a 434,000-square-foot speculative industrial property within Diamond Business Park in Glenwillow, OH, near Cleveland. JLL’s Joe Messina and David Stecker represented Westminster in the land acquisition, and will also handle leasing of the property, to be known as Victory Commerce Center and due for completion in early 2019.
“Westminster Capital believes in the strong industrial market fundamentals of Northeast Ohio, and subscribes to the idea that demand is outpacing supply,” said Stecker. “Existing options are limited for industrial tenants larger than 100,000 square feet that require 32-foot clear heights, with sufficient loading. Victory Commerce Center will strive to accommodate the larger users who seek efficiency.”
The new property comes at a time when the Cleveland area’s overall industrial vacancy rate has dropped to 5.4%, while modern bulk vacancy is below 3%. Glenwillow has seen several industrial projects go vertical in the past 36 months.
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