Innovation Revolution: Building a 21st Century City Virtual Forum
Friday, February 19, 2021 12:30 p.m. - 1:30 p.m
The 2021 ULI Cleveland Emerging Trends Survey and Report was a yearlong collaborative effort. Comprised of Focus Groups with leading Northeast Ohio real estate professionals, a corresponding survey, and a thorough analysis of publicly accessible data sources, report volunteers aim to capture the effects of a tumultuous year and calculate what one can expect going forward. Speaking with market experts via Zoom roundtables in Summer 2020, report staff observed a group that was still trying to figure out what those long-term effects of Covid-19 could be. Some spoke with cautious optimism while others wanted to wait for the dust to settle.
In the Fall, ULI Members were asked to complete a 15-minute survey, resulting in a total of 57 respondents. Those taking the survey generally held high ranking positions in their companies and reflected major business sectors throughout commercial real estate (see charts). Professional development firms representing engineers, architects, and other contracts comprised the largest number of survey participants. Private developers, brokerage firms, and lenders also weighed in. It was ULI Cleveland’s goal to keep responses both high quality and from a variety of professional backgrounds.
The final component was corroborating ULI Member feedback with data from sources such as CBRE, the US Census Bureau, and news articles. Quantifying comments made during Summer and Fall sessions is important to telling the complete story and figuring out what markets will most likely experience in 2021. As always, trends are subject to change pending factors like government stimulus, adoption of certain technologies, or the vaccine rollout.