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Cleveland’s Industrial Construction in 2024: A Mixed Bag of Trends The Cleveland industrial construction market is wrapping up 2024 with 38 completed projects totaling 1.6 million square feet (msf). This marks the lowest annual total since 2015, significantly trailing prior years. Speculative new construction has slowed considerably in 2024, but this reflects a shift in overall market rather than a lack of demand. High interest rates, economic adjustments, and elevated material costs. For developers with completed or near-completion buildings, this presents a significant opportunity. The demand for move-in-ready facilities remains strong, and those who can provide functional spaces in this climate are well-positioned to thrive. However, there’s a silver lining: 22 projects are currently under construction, adding a 4.6 msf to the market. But these numbers come with important context. A significant portion - 2.5 msf - is attributed to Ford’s Avon Lake expansion, where a new electric commercial van will be manufactured. Another 747,000 square feet comes from HC Companies’ new facility in Middlefield. HC Companies will be vacating several other existing facilities throughout Northeast Ohio. Looking ahead, there’s market chatter about a major build-to-suit facility in Lorain County, potentially adding 1.1 msf. If realized, this project could mark a substantial boost to the West industrial submarket. Cushman & Wakefield | CRESCO Real Estate Barna Caplan Joseph V. Barna, SIOR Eliot Kijewski Simon Caplan, SIOR Ryan Curtin George Pofok Jr

Works have begun on the first UK industrial scheme in the East Midlands for a joint venture. Construction will include the design and build of two new industrial units totalling approximately 550,000ft² across 28.9 acres, alongside the construction of S38 works, and a private access road that will form the main access into the site and adjacent plot. https://lnkd.in/edvZRKan

See the article below for more information on the Joint Venture between the Midlands and the North for a new industrial hub, being constructed in the East Midlands. #logistics #jointventure #hub #industrial

Creagh Concrete is a family-owned business, employing 800 people across five locations in the #UK and #NorthernIreland. Creagh works in the #precast #concrete construction industry, #manufacturing its products in its three factories in Northern Ireland, as well as one in Scotland and another in Nottingham. But the firm’s offering goes beyond manufacturing, to include the design and construction of precast #cement elements. “We take everything from small jobs such as farm buildings to precast floors for #housing and #apartment blocks, high-rise buildings and multi-storey car parks,” says Seamus McKeague, Creagh Concrete’s Managing Director. “We have geographical coverage from Dorset to Aberdeen, from Wales to East Anglia, and of course, here in Northern Ireland.” https://lnkd.in/esyqv4cB #businessworld #digitalnews #globalnews #news #onlinenews #internationalnews #businessleaders #newsupdates #newsoftheday #businessbuilding #latestnews #subscribe #follow #businessfocus

YAKR WEEKLY BRIEFING - CONSTRUCTION Australian construction’s biggest headlines of the week that was, dot-pointed and delivered every week to keep you in the loop. Market Movements - Australia is struggling to meet its ambitious housing target, falling more than 15,000 homes behind just three months after the National Housing Accord began. The plan aims to construct 1.2 million new homes, or 60,000 homes per quarter, by 2029. However, in the initial three months, only 43,247 homes commenced construction. Industry Trends - Australia’s engineering construction sector experienced a significant uptick, with a 3.3 per cent increase in the volume of work completed. This growth was fuelled by a robust expansion in public sector projects. Corporate Developments  - Woodside Energy has committed $50 million to support the redevelopment of two key Western Australian institutions: Roebourne District High School and Perth Concert Hall. This investment is part of the company's commitment to the Western Australian government's Resources Community Investment Initiative (RCII).  - NGI Investments received approval to construct a 13-storey timber tower at in Sydney's CBD. This building is set to be Australia's tallest commercial fully massed timber tower. The project emphasizes sustainability by predominantly using mass timber, especially in the upper floors, significantly reducing its carbon footprint compared to traditional concrete structures. Environmental and Regulatory Updates - Homes with big garages could soon become compulsory in South Australia under a new building code that aims to free up street parking and provide more off-street options. Premier Peter Malinauskas today announced the proposed new code, which stipulates that any new home with two or more bedrooms must have at least two off-street parking spaces large enough to accommodate modern SUVs.

YAKR WEEKLY BRIEFING - CONSTRUCTION Australian construction’s biggest headlines of the week that was, dot-pointed and delivered every week to keep you in the loop. Market Movements - Incitec Pivot Limited has listed its 58-hectare Gibson Island property in Brisbane for sale, aiming to relocate its distribution centre to the Port of Brisbane. The site, which ceased operations in January 2023, is expected to attract significant developer interest due to its strategic location and potential for redevelopment. Market speculation suggests the property could sell for over $250 million. Industry Trends - According to the Deloitte Business Outlook report, Tasmania's gross state product is predicted to shrink by 1.1% in 2025, primarily due to slow population growth affecting household spending and housing construction. This marks Tasmania as the only state forecasted to experience economic decline, with factors such as declining dwelling investment and low household consumption contributing to a weakening economic outlook. Corporate Developments  - Heidelberg Materials Australia announced the acquisition of the Hardcore Sands and Pink Lily Sands operations in Rockhampton. Chief Executive, Phil Schacht said this will provide the company with access to substantial sand reserves and extend their footprint in Australia. Environmental and Regulatory Updates - Work on Australia's largest renewable energy project, Snowy 2.0, has been suspended after 700 workers walked off due to serious safety concerns. The issues pertain to refuge chambers, which are designed for emergency shelter if primary safety systems fail. Workers, untrained in emergency procedures, highlighted that some chambers were inoperative and not maintained correctly. - SafeWork NSW has initiated an investigation into a partial building collapse that occurred on 22 January at a demolition site in Burwood, Sydney. The incident involved the collapse of a section of a multi-storey commercial property and affected scaffolding.

Phoenix Construction: A Market in Flux...As we move into the second quarter of 2024, let's examine the trends shaping Phoenix's construction industry. Recent years saw a construction boom to accommodate the area's population and business growth. Now, with economic uncertainty, developers are adopting a wait-and-see approach while cautiously planning for the future. Read more here >>

Bourn Quarter Following the success of Phase 1 which is now fully let, work continues on Phase 2. https://lnkd.in/eQ_TJZEt 

From airports and apartments to schools and manufacturing, these are the biggest construction projects currently underway in the Capital Region.

CR Construction (U.K.) Company Limited, a Chinese construction company, has signed a £210m building contract in Manchester with the city council and its Chinese joint venture partner. CR Construction has been appointed to build the first 895 homes of Red Bank Riverside – part of Manchester’s £4bn Victoria North regeneration project. The £210m contract is for three high-rise tower blocks reaching 20, 31 and 34 storeys-high, and a mid-rise nine-storey block. Manchester City Council is working on the regeneration project through Chinese developer Far East Consortium UK (FEC). FEC secured planning permission in August 2023 for 1,551 new homes, across plots known as NT02, NT03 and NT04, along Dantzic Street, together with a separate outline planning permission for a further 3,250 new homes within Red Bank. CR Construction is currently working on FEC’s neighbouring 634-home Victoria Riverside development, which is due to complete in early 2025. Following on from this, CR Construction will now deliver the next phase of Red Bank Riverside on plots NT02 & NT03 on Dantzic Street. The scheme has been designed by Hawkins\Brown Architects and Schulze+Grassov in collaboration with landscape architect Optimised Environments. Works are expected to start on site early next year, following the completion of the enabling works by Manchester City Council and its appointed contractor Bam, which is funded under the Housing Infrastructure Funding secured by the joint venture in 2019. FEC delivery director Nick Whitehouse at FEC, said: “The execution of this contract to deliver the next phase of Red Bank Riverside is another significant milestone for one of the country’s largest regeneration projects. We’re pleased to engage the market leading skills of CR Construction on this exciting project.” CR Construction (UK) Company Ltd, incorporated in the UK in 2018, is a subsidiary of China Zhejiang Construction Group. The company’s ultimate controlling party is Zhejiang State-owned Capital Operation Company Ltd, incorporated in China. Accounts filed earlier this month by CR Construction show that its turnover in the year to 31st December 2023 more than doubled to £56.2m (2022: £26.2m) with similar growth in pre-tax profit to £1.6m (2022: £627,000). Managing director Calum Kidd said: “CR Construction are delighted to expand upon our existing working relationship with FEC in the UK. Securing this project is another significant milestone for us as we further establish our business and presence in the UK market as we continue to deliver on our promise to be one of the best, providing added value to our clients, partners and stakeholders.” https://lnkd.in/e-hWnWVi