CRAINSCLEVELAND.COM I APRIL 22, 2024
Cleveland leads nation in office conversions
CBRE report: 11% of city’s total inventory is undergoing renovations to become residential By Stan Bullard
As office building owners in cities across the nation continue to embrace converting underused offices to new uses such as apartments or hotels, Cleveland’s pioneering role continues to reap dividends. A just-completed study by CBRE reports 120 such projects in the works nationwide. In terms of the percentage of its office market undergoing such renovations, Cleveland ranks top in the nation with 11%. The study reported that 3.5 million square feet of such projects are underway or planned, followed by Cincinnati with 2.8 million feet and 8% of its office
market undergoing conversion. The San Francisco peninsula has 2.1 million feet of such projects, or about 5.25% of its office inventory. Nationally, CBRE reported a total of 69 million square feet of such conversions are being built or proposed as of March 29, representing about 1.7% of the nation’s office supply. That figure is up from 60 million square feet, or 1.4% of the nation’s total office supply, as of the end of the second quarter of 2023. CBRE reports that, nationally, it expects office-conversion completions will more than double this year.
Surging cocoa prices leave bitter aftertaste Northeast Ohio chocolatiers feel affects of rising costs
By Paige Bennett
Bad news, chocolate lovers. Your favorite sweet treat is probably going to cost more for a while. Global cocoa prices are surging this year thanks to extreme weather conditions in West Africa, the largest producer of cocoa in the world, resulting in poor harvests. In March, cocoa prices hit record
heights, crossing $10,000 per metric ton for the first time. As of Friday, April 12, cocoa cost about $11,179 per metric ton, according to Markets Insider. The price hikes are affecting large and small chocolate makers globally, leading some to increase prices or reduce the amount of chocolate in their products. Northeast Ohio chocolatiers are being forced to confront the surging costs, too.
The mounting cocoa prices have not been a concern for Malley’s Chocolates as far as this year. Mike Malley said the Cleveland candy company typically contracts with its suppliers for about a year’s worth of chocolate, meaning Malley’s has enough supply for the upcoming Sweetest Day, Halloween and Christmas holidays. See COCOA on Page 17
See CBRE on Page 18
Associated Materials to invest $100M in operations, growth Manufacturer gears up for anticipated increase in demand for products used in home remodeling By Dan Shingler
Fresh off the heels of announcing significant layoffs, Associated Materials of Cuyahoga Falls has announced it’s investing $100 million in its manufacturing operations and future growth. The integrated buildings products company announced Tuesday, April 16, that it “has committed over $100 million to investments in equipment, digital technologies, and new work methods as part of its ongoing transformation strategy.”
The company makes an array of products, many of them designed for residential construction such as vinyl windows, siding, doors and composite cladding. The company said it will invest the $100 million “to further enhance the company’s portfolio, strengthening the customer experience, optimizing operations and increasing capacity across all major product categories.” Many of the planned investments seem aimed at improving See MATERIALS on Page 17
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