chi-key center (3) The Key Center is the most recognizable office property in the Cleveland market, and was recently sold for $267.5 million.

CLEVELAND—Office sales have increased steadily in the Cleveland metro area since 2010 and, driven by out-of-state investors, is now approaching prerecession levels, according to a new study by JLL. In just the last two years office investment sales here have totaled more than $550 million. And the firm believes these buyers will keep sending their money to Cleveland in 2018.

“Cap rates have steadily compressed in the principal markets, and prices have really ramped up,” Andrew Batson, Cleveland-based vice president and director of research, tells “Generally, investors are now looking inward and chasing yields.”

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Brian J. Rogal

Brian J. Rogal is a Chicago-based freelance writer with years of experience as an investigative reporter and editor, most notably at The Chicago Reporter, where he concentrated on housing issues. He also has written extensively on alternative energy and the payments card industry for national trade publications.

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