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JLL Cleveland Chart of the Week: February 22, 2016
- 1. With primary markets picked over, investors find opportunity in Cleveland Cleveland • Sales activity has been intensifying in Cleveland and investment-grade assets have been making up a larger percentage of trades in recent quarters. With primary markets oversold during the current cycle, investors have turned to secondary markets like Cleveland for opportunities with attractive returns. Both value-add and core assets are available for purchase, including the Key Center complex in downtown Cleveland. The Hertz Investment Group has been a particularly active investor in Cleveland, having purchased the 508,000-square-foot Fifth Third Center for $53.3 million in April of 2015 followed by the 321,000-square-foot Skylight Office Tower for $35.4 million in September of 2015. Source: JLL Research Chart of the week: February 22, 2016 $0 $300 $600 2007 2009 2011 2013 2015 Annual office sales ($M)