The development pipeline has filled in Cleveland as industrial tenants show a willingness to pay for new build.

1. Pipeline fills as industrial tenants show a
willingness to pay for new build
Cleveland
• While Cleveland has not historically been a spec market, two spec projects are currently under way with
two more scheduled to break ground later this year. In the Northeast submarket, Ray Fogg is
constructing a second spec building in the Bluestone Business Park now that its first building is fully
leased. The planned 127,000-square-foot building will boast 32-foot clear heights and is expected to be
ready for occupancy in the third quarter. And in the Southeast submarket, Scannell Properties is
constructing a 207,000-square-foot warehouse with 32-foot clear heights and an estimated delivery in
the fourth quarter of this year.
Source: JLL Research
Chart of the week: August 17, 2015
57%
24%
19%
Owner-occupancy
Build to suit
Speculative
Square feet of industrial space
under construction by build type