The Akron, OH Commercial Real Estate Market: Part 4 - Office Vacancy Rates Low?

Low office space vacancy rates in Akron, Ohio, can this be true?

I am happy to continue my series on the Akron, OH commercial real estate market by relaying some positive news on our office leasing market. In today's Akron Beacon Journal reporter Paula Schleis penned an article on the lower office space vacancy rates in our area. In the article (see link below) she reports that Team NEO's (aera economic development group) recent findings show that vacancy rates for Class "A" office space in our 16-county region fell from 19 percent in 2003-2004 to about 12 percent now. Currently Team NEO also finds that Class "B" space is at 13 percent and Class "C" office space vacancy stands at 9 percent. In the specific Akron, Ohio area, the combigned vacancy rate is reported at 8 percent, down from 12 percent in 2007.

The article points to the medical sector as a big contributor towards the improved office leasing market and lower vacancy rate. Mike Wojno, of Wojno Development is quoted in the article describing the new medical projects he has been involved in along with the growth in and around the designated Akron Biomedical Corridor.

Hey Paula, did you read Part 3 of my series of Blogs on the Akron, Ohio Commercial Real Estate Market from September 22? (See link below ) You must have because in it I laudded the Akron area hospitals for their recent growth and even referenced Wojno Development's new Acute Care Facility. I love positive news so the more the merrier! As stated before, this is terrific news for the growth of our region. We are truly seeing good things happening in our area.

I welcome your comments and suggestions. Let me know your take on the Commercial Activity in your region. More installments to come, stay tuned...

Thanks,

Mark Stacy - NAI Cummins Real Estate

Here is a Link to today's (9/29/2008) Akron Beacon Journal article on area office vacancy: http://www.ohio.com/news/top_stories/29873659.html

Here is the LINK to Part 1 of my Akron Series Blog: http://activerain.com/blogsview/631507/The-Akron-OH-Commercial

Here is the LINK to Part 2 of my Akron Series Blog: http://activerain.com/blogsview/674536/The-Akron-OH-Commercial

Here is the LINK to Part 3 of my Akron Series Blog: http://activerain.com/blogsview/703470/The-Akron-OH-Commercial