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Cassidy Turley is one of Greater Cincinnati and Greater Dayton’s largest commercial real estate services providers, with more than 100 professionals in locations across the region. The company and its employees have deep roots in the Tri-state, yet are connected worldwide through 60 company-owned U.S. offices and a global affiliation. The company’s clients include real estate owners, investors and tenants. Whatever commercial real estate need exists, Cassidy Turley provides a local solution.

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Cincinnati Office and Industrial Market Snapshots

  
  
  
Office Market indicators

By James Flick, Vice President, Research and Marketing

Economic Overview

The Cincinnati labor market has added approximately 22,000 jobs over the last 12 months pushing local unemployment below 6%. Currently, unemployment sits at 5.4%; 90 basis points better than the national figure. The positive movement of the local labor market and the 2% forecasted growth of local gross domestic product (GDP) are two key indicators that show Cincinnati continues to move forward in the economic recovery.

Office Market Overview

Wright-Patterson Air Force Base Tied for First in the Country

  
  
  
Wright-Patterson Airfoce Base Tied for First Best Base in Country

By Douglas Bolton, Managing Principal

I’m not a regular reader of Air Force Times, the military newspaper covering all matters related to the Air Force. But Tuesday, its special edition was brought to my attention because it was more good news for the Dayton region. The report ranked 68 domestic Air Force bases for a number of quality of life factors, and Wright-Patterson was tied for first. The report cited WPAFB’s low cost of housing, a large commissary, an important medical center, low crime, easy commute times and a host of shopping and entertainment options.

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Dayton Ranks as Top Place in Ohio for Business According to Annual Survey

  
  
  
Dayton Ranks as Top Place in Ohio for Business

By James Flick, Vice President, Research and Marketing

Thumbtack.com, in partnership with the Ewing Marion Kauffman Foundation, recently released the results from its third annual Small Business Friendliness Survey. The survey collected data from over 12,000 small business owners in order to gain insight into state and local business environments from across the United States.

According to the survey Dayton is the best city in Ohio to do business, receiving an A- grade. To read the Dayton Business Journal article about the survey click here.

Grades that the State of Ohio received according to the survey include:

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Dayton Industrial Market Experiences Flurry of Build-to-Suit Activity

  
  
  
Dayton Industrial Influx of Build-to-suit activity

Mark Dlott, Senior Vice President, Principal of our Dayton office was recently asked to write an article about the current state of the Dayton industrial market. The article was originally published on 07/02/2014 on REBusinessOnline.com and in the print edition of Heartland Real Estate Business.

By Mark Dlott, SIOR

Dayton, Ohio, has had its struggles over the years transitioning from a predominantly automotive manufacturing economy to one with a more diverse base of industries such as transportation and logistics, aerospace technology, medical device manufacturing and unmanned aerial vehicle (UAV) development.

Throughout this tumultuous period, Dayton’s industrial commercial real estate market has had to adapt to the evolving needs of the new tenant mix. Part of that adaptation has led to the construction of several build-to-suits over the last 18 months.

This construction trend is being driven by companies opting for build-to-suit projects instead of purchasing existing properties due to their age, inadequate size or functional obsolescence such as inadequate ceiling heights. The trend is evident in the large amount of industrial space that has been delivered in recent years or is currently under construction in the Dayton market.

Getting to Know Cassidy Turley: James Flick

  
  
  
James Flick, Director, Research and Marketing, Cassidy Turley Cincinnati

By Katherine Davin

We want to kick start our “Getting to Know Cassidy Turley” series by starting with our newly promoted Vice President of Research and Marketing, Jim Flick.

Midwest Construction Update

  
  
  
Speculative Industrial Construction in the Midwest

By Jarrett Hicks, Senior Research Analyst

In the Cincinnati/Dayton area, we are in the midst of a construction boom, especially in the industrial sector.  2.4 million SF is under construction in Dayton, while another 2.7 million SF is under construction in Greater Cincinnati.  For the first time in many years, multiple large bulk buildings are being built speculatively (“on spec”) at the same time.  VanTrust Real Estate is building 273,000 SF in Hebron, KY, while IDI Gazeley (formerly Industrial Developments International) is building 600,000+ SF buildings in Monroe, OH and Richwood, KY.

Insights on Workforce Development and Economic Development

  
  
  
i 7075 development

By James Flick, Vice President, Research and Marketing

Recently I had the privilege of attending the I-70/75 Development Association Annual Economic Summit. The event is one of the most comprehensive and well attended professional development events in the region. Attendees typically hail from construction/development companies, commercial real estate firms, government organizations, economic development groups, financial institutions, local colleges/universities, and students.

Commercial Real Estate Trends May/June 2014

  
  
  
John Frank cassidyturley com

By John Frank, CRE, CCIM, Chairman, Cincinnati Office, Principal

The Big Picture - U.S. Property Markets

Our Company’s (Cassidy Turley’s) national research division reports that U.S. economic fundamentals underpinning property markets are strong. With the harsh weather behind us, most indicators are revving up again. The performance of commercial real estate continued to be strong and uneven through the first quarter of this year. Apartment and industrial space continued to register large increases in demand, while office and retail continued to lag. During the first quarter of this year, office markets absorbed nearly 12 million square feet, a 21% decrease in demand from the fourth quarter of 2013 but a 63% increase over the first quarter of last year. U.S. vacancy remained unchanged at 15.4% as 10.5 msf of new office space was delivered to the market in the quarter, roughly matching absorption. There is clear evidence that new office construction is picking up, rising 31% over the same quarter last year.

Cincinnati Multifamily Market Reaches Three-Year High

  
  
  
Cassidy Turley Multifamily Cincinnati Quarter 1 2014 snapshot

By James Flick, Vice President, Research and Marketing

Nearly $172 Million in Sales Volume, Reports Cassidy Turley Q4 Market Update

Sales volume in the Cincinnati multifamily market continues to skyrocket. In the first quarter of 2014, Cincinnati area multifamily units sold at a rate not seen in three years, with 4,144 units transacted for a total volume of nearly $172 million. The average sale price per unit was $41,441. Looking ahead, new deliveries should begin to outpace absorption in 2015, leveling out the vacancy rate somewhere between 2-3%.

Cincinnati and Dayton Industrial Markets See Positive Absorption, Major Construction in Q1

  
  
  
Q1 2014 Dayton and Cincinnati Industrial Snapshot

By Jarrett Hicks, Senior Research Analyst

The industrial vacancy rate for the Cincinnati region has reached its lowest point in seven years. Low vacancy, combined with over 1.2 million square feet of positive net absorption and new construction are clear signs that the Cincinnati industrial market is extremely active and growing.   In 2014, new supply is projected to reach a six-year high.  Currently, 2.7 million square feet of industrial space is under construction across the Greater Cincinnati market, including 1.6 million square feet of speculative bulk warehouse product.  More large scale construction projects are expected to break ground in the next few months.

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