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Area, City and NeishborhoodAnalysis, Continued <br />In line with national trends, elevated interest rates have delayed construction starts, and space underway <br />in Cleveland totals 2.3 million square feet, representing 0.6% of inventory, which is well below peer <br />markets in the region as well as the national average of 2.0%. The pace of deliveries will slow notably <br />over the near term as construction activity slows, which will likely support tight market conditions even <br />as net absorption remains muted. Development activity is expected to resume as soon as interest rates are <br />reduced. <br />The following corporations northeast Ohio corporations arc on the 2021 Fortune 1000 list"': <br />#32 Marathon Petroleum, Findlay <br />#162 Sherwin Williams, Cleveland <br />#246 Goodyear Tire & Rubber — Akron <br />#378 JM Smucker, Orrville <br />4489 RPM International, Medina <br />#516 TransDigm Group, Cleveland <br />#628 Diebold Nixdorf, North Canton <br />#667 Medical Mutual, Cleveland <br />#701 Applied Industrial Technologies, Cleveland <br />#782 l lyster-Yale Materials dandling, Inc., Cleveland <br />#809 Lincoln Electric l lallings, Cleveland <br />4954 Nordson, Westlake <br />#74 Progressive, Mayfield Village <br />#223 Parker Hannifin, Cleveland <br />#294 First Energy, Akron <br />#396 Key Corp, Cleveland <br />4501 Cleveland Cliffs <br />#540 TravclCenters of Am., Westlake <br />#669 Timkin, North Canton <br />9681 PolyOne, Avon take <br />#702 Avient, Avon Lake <br />#791 Joann, Iiudson <br />#834 Cooper Tim & Rubber, Findlay <br />Other large companies in the area that have recently dropped off the Fortune 1000 list include Lubrizol <br />and American Greetings. TcannNoo reports an overall increase in employment in the northeast Ohio area. <br />Other areas that grew include headquarters, increasing 100% or 30,000 jobs and professional, scientific <br />and technical services, which increased 20,000 jobs or 21%. At the end of 2023 unemployment in the <br />Cleveland -Elyria MSA was 3.9% down from the end of 2019 which 4.5%. <br />The region is a hub of medical innovation. The Cleveland Clinic, Case Western Reserve University and <br />University Hospitals of Cleveland are major employers in the region with many research and development <br />startup firms spinning off From their research. CNN Money reported that the 1,600 -acre Health -Tech <br />Corridor acts as Cleveland's biomedical nerve center, housing three major health-care institutions besides <br />the Cleveland Clinic, four higher education institutions, more than 130 biomedical and other technology <br />companies and eight incubators that lease space and provide consulting and other business development <br />services. This is where the Cleveland Clinic and other partner organizations, such as incubator <br />BioEnterprise, interact with researchers, clinical caregivers, academics and business executives. State - <br />funded groups like "ream NEO were launched to help attract new business to the region. Since Cleveland <br />Heartlab opened in the Health -Tech Corridor's fust building, eight additional buildings have opened for <br />tenants. The top 20 employers in Northeast Ohio show this change away from manufacturing into <br />healthcare and service industries.I I <br />10 hap l?orwne comlfonu x5DN7021luarchPhgsuse Ol l <br />Is <br />P. BRAMAN & CO., INC. - Real lislale Appraisals & Consulting www. epbco.com <br />