COVID and the Industrial Real Estate Market in Northeast Ohio

NAIOP Northern Ohio

  •  August 19, 2020
     12:00 pm - 1:00 pm
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As much as COVID is a personal health issue, it has drastically impacted the commercial real estate market nationwide. Many sectors cannot even hope to emerge from this crisis looking anything like they did when they went into it. But what about industrial real estate? Industrial activity has been a mainstay of Northeast Ohio’s economy for many decades; the industrial real estate market has remained strong through good times and bad, with demand even exceeding supply for many segments during the Great Recession. Can we expect this to continue beyond COVID?  In what ways will the industrial real estate market be different post-COVID; what trends can we already see taking shape?

  • which industrial segments remain strong or have shifted?
  • will Northeast Ohio’s relative strength compared to other geographies change?
  • what physical changes will be required to the buildings or spaces?
  • what types of businesses are thriving or declining?
  • will end-users turn towards ownership or towards leasing?

Join regional experts in industrial real estate as we discuss these and other questions, and learn about a new JobsOhio program for positioning your property for future uses.



Terry Coyne, Vice Chairman, Newmark Knight Frank; full-service Broker
Terry Coyne is a vice chairman in the Cleveland office of commercial real estate services firm Newmark Knight Frank (NKF). Over the past ten years, he has been involved in the sale or leasing of more than 2 billion dollars’ worth of real estate. In his 25-plus-year career, his specialty has become large, complex, industrial and investment properties that cover the northern part of the state of Ohio.

A top earner in the Cleveland office since 2002, Terry has earned the distinction of being the top-producing industrial broker for NKF nationally in 2013, 2014, 2016 and 2017. He has placed in the top 50 (2013) and top 20 (2014-2019) amongst all commercial real estate brokers in the United States for Newmark Knight Frank. In 2017, Real Estate Forum selected Terry as 13th in the United States in overall industrial leasing and 13th in the United States in overall industrial investment sales from July 1, 2016 to June 30, 2017. Terry is also a multiple winner of NAIOP Broker of the Year, Industrial Transaction of the Year and Investment Broker of the Year. He is a Midwest Commercial Real Estate Hall of Famer.

Terry is a member of the Society of Industrial and Office Realtors (SIOR), is a Certified Commercial Investment Member (CCIM) and a member of the Industrial Leadership Council for Newmark Knight Frank. In addition to being an active industry leader, he is a dedicated community leader as a board member of the Rock and Roll Hall of Fame and Museum, Village Capital Corporation, Seeds of Literacy and a past board member of Magnificat High School. Terry earned his master’s degree from the University of Chicago and his bachelor’s degree from the University of Notre Dame. He has also attended St. Catherine’s College, Oxford University.

Chris Semarjian, Owner, Industrial Commercial Properties; property owner
Christopher S. Semarjian is the Owner of Industrial Commercial Properties LLC (ICP), headquartered in Cleveland, Ohio. ICP is well known for providing industry-leading commercial and industrial real estate solutions to its corporate users. Responsible for the operations of over 40 million square feet of property throughout the Midwest, and serving 300 tenants in over 100+ properties, ICP continues to earn the reputation as one of the best in the region. Mr. Semarjian’s focus is to provide innovative solutions that are custom designed to meet the needs of each tenant’s operations.  He strives to build long-term relationships with his tenants, local communities and public officials.

Mr. Semarjian is a principal on many current development projects. Some examples that involve conversions of large dormant facilities into multi-tenant industrial campuses include General Motors former 3.9 million square foot complex in Moraine, Ohio and another 1.7 million square foot, GM facility in Pontiac, Michigan. In Northeast Ohio, the 1.4 million square foot complex in Brooklyn, Ohio, previously home to American Greetings headquarters, is being revitalized and re-tenanted with seven new leases and by 2020 over 2,000 workers will be employed on that campus. Mr. Semarjian also took the lead in the adaptive reuse of the vacant Randall Park Mall location in North Randall, Ohio. When opened in 1976, it was touted as the largest mall in America but was shuttered in 2009. After acquiring the property in 2014, ICP began clearing the site for new development, and it now houses a new 900,0000-square-foot, $177 million, Amazon fulfillment center, which has created more than 2,500 new jobs for the area. He is a partner in the redevelopment of the Goodyear Tire World Headquarters and Lockheed Martin Campus, both based in Akron, Ohio. He has also converted the former Ford Motor Company’s Assembly Plant in Lorain, Ohio into a multi-tenant industrial complex.

Mr. Semarjian began his real estate career in 1987 as an industrial real estate broker with Cragin, Lang, Free, and Smythe, Inc. later moving to Grubb & Ellis. He started acquiring properties in 1996 and over the last 22 years has become one of the leading Midwest real estate developers and property owners. Mr. Semarjian was selected as an “Influencer in Industrial” by Real Estate Forum Magazine in 2018 and was recently inducted into the Midwest Real Estate News “Hall of Fame.”

Mr. Semarjian is proud to call Cleveland home and enjoys spending time with his wife and three children.

Terry Slaybaugh, Vice President Sites & Infrastructure, JobsOhio; Ohio Site Inventory Program
Terrence (Terry) Slaybaugh is the vice president of infrastructure for JobsOhio. Terry’s team manages JobsOhio’s six network partner contracts, the sites programs and business inclusion programs. In addition to these programs, Terry manages JobsOhio’s air service restoration program and is in contact with airport sponsors and state and federal officials on airport, commercial air service and air cargo issues.

Before joining JobsOhio, Terry was the director of aviation for the city of Dayton where he led economic development efforts at the airport. He also previously served as the director of aviation at the Greater Rochester International Airport. Terry has served on state and national aviation and airports trade association boards and committees advocating for small and medium-sized markets for air service and funding.

He serves on the Good Samaritan Hospital Foundation Board and is the chairperson of the “First Four Dayton Hoopla” Local Organizing Committee. Terry and his wife Donna along with their eight children reside in Dayton.

Mary Cierebiej, Senior Director Site Strategies, Team NEO
Mary Cierebiej leads Site Selection efforts at Team NEO. Mary manages relationships with Site Location Consultants and has run point for the SiteOhio program in Northeast Ohio. Ms. Cierebiej brings over 11 years of economic development expertise at the county and regional levels. She joined Team NEO in 2011 as a Manager of Business Attraction. Prior to joining Team NEO, Mary led the retention, expansion, and attraction efforts for Team Lorain County. Ms. Cierebiej was in the private sector for 10 years before entering the economic development world, as a Transportation Planner for HNTB and Parsons Brinkerhoff.

A graduate of the University of Dayton, Ms. Cierebiej also received a Master of Science in Urban Studies degree from Cleveland State University and is a Certified Planner by The American Institute of Certified Planners. In addition to her responsibilities with Team NEO, Ms. Cierebiej currently serves on the Executive Committee for the Mid-American Economic Development Council and serves as a Co-Chair of the Content Delivery Committee for the Industrial Asset Management Council (IAMC). Mary is an active NAIOP and ULI Member and previously served on the Board of Cleveland Chapter of the American Planning Association. Mary also served two terms on the City of Lakewood Planning Commission. She resides in Lakewood with her husband and two children.

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