Northeast Ohio experiences commercial property sales spike

Northeast Ohio experienced improved commercial real estate sales last year.

Many property managers in Northeast Ohio likely experienced a boom in commercial real estate sales during 2012, as the figure hit its highest level in five years.

The number of sales rose more than 70 percent in the area last year, surpassing $700 million, according to Crain’s Cleveland Business. This was the highest level recorded since 2007, when the figure was $1.3 billion.

In 2011, the total sales figure was $405 million, the news source said, citing a report from NAI Daus. This included all properties sold for $1 million or more. The last time the figure was so high after the economic downturn began was in 2008. That year, the figure reached $696 million.

“This is the new normal, I guess,” Alec Pacella, vice president of NAI Daus, told the news source. “I don’t know if we will ever get back to the 2007 sales figures. It was so frothy it bordered on an unhealthy situation.”

The national commercial real estate market experienced improved sales in 2012, as well. During the third quarter of last year, the sales volume figure rose 6 percent year-over-year, according to the National Association of Realtors Q3 Commercial Real Estate Market Survey. This was also 4 percent higher than the second quarter’s figure.

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