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Doug Bolton elected New Board Chair of the Better Business Bureau

  
  
  
Doug Bolton BBB Chairman

By James Flick, Vice President of Research and Marketing

Our Managing Principal, Doug Bolton, was recently elected the Chairman of the Better Business Bureau (BBB) of Cincinnati. Below is the press release issued by the BBB announcing his election. The original press release can be found here: http://www.bbb.org/cincinnati/news-events/news-releases/2015/bbb-names-new-board-chair/

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Top 10 Drivers of Industrial Real Estate Development Part 10: Economic Circumstances

  
  
  
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By James Flick

Recently National Real Estate Investor’s Susan Piperato came up with a list of 10 drivers of Industrial Real Estate Development. They include:

  1. Obsolete buildings
  2. E-Commerce
  3. Panamax
  4. Improved Metroplex Economy
  5. Rising Land Prices and Higher Tax Rates
  6. Digital Manufacturing
  7. Increased Imports
  8. Federal Policy
  9. Weather Wildcard
  10. Economic Circumstances

(The full online article from National Real Estate Investor can be found here: http://nreionline.com/industrial/top-10-drivers-industrial-real-estate-development)

This series will explore how each of these 10 items can be found in the Cincinnati and Dayton regions. Additionally, when they are each combined with the near record lows in vacancies, they create an environment that is ripe for an explosion of industrial development.

In the 10th part we examine economic circumstances.

Top 10 Drivers of Industrial Real Estate Development: Weather Wildcard

  
  
  
construction

By Jarrett Hicks

Recently National Real Estate Investor’s Susan Piperato came up with a list of 10 drivers of Industrial Real Estate Development. They include:

  1. Obsolete buildings
  2. E-Commerce
  3. Panamax
  4. Improved Metroplex Economy
  5. Rising Land Prices and Higher Tax Rates
  6. Digital Manufacturing
  7. Increased Imports
  8. Federal Policy
  9. Weather Wildcard
  10. Economic Circumstances

(The full online article from National Real Estate Investor can be found here: http://nreionline.com/industrial/top-10-drivers-industrial-real-estate-development)

This series will explore how each of these 10 items can be found in the Cincinnati and Dayton regions. Additionally, when they are each combined with the near record lows in vacancies, they create an environment that is ripe for an explosion of industrial development.

Top 10 Drivers of Industrial Real Estate Development Part 8: Federal Policy

  
  
  
shutterstock 143474251 WEB

By Zach Smith

Recently National Real Estate Investor’s Susan Piperato came up with a list of 10 drivers of Industrial Real Estate Development. They include:

  1. Obsolete buildings
  2. E-Commerce
  3. Panamax
  4. Improved Metroplex Economy
  5. Rising Land Prices and Higher Tax Rates
  6. Digital Manufacturing
  7. Increased Imports
  8. Federal Policy
  9. Weather Wildcard
  10. Economic Circumstances

(The full online article from National Real Estate Investor can be found here: http://nreionline.com/industrial/top-10-drivers-industrial-real-estate-development)

CCIM Member Spotlight – John J. Frank, Jr., CRE, CCIM

  
  
  
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By James Flick, Vice President, Research and Marketing

Our Chairman, John Frank, CRE, CCIM was recently the focus of the CCIM Ohio Chapter’s May 2015 Newsletter Member Spotlight feature. I wanted to share 2015 Ohio CCIM Chapter President Alec Pacella, CCIM’s interview with John as it appeared in the newsletter.

First Quarter 2015 Commercial Real Estate Review

  
  
  
James Flick Director of Research Cassidy Turley Cincinnati Dayton

By James Flick, Vice President, Research and Marketing

Economic indicators are pointing to a shift in the Cincinnati economy from recovery to expansion. The Consumer Price Index improved 1.5% between June 2013 and May 2014, according to the Bureau of Labor Statistics. The latest Regional Economic Outlook (prepared by the Cincinnati Consensus Forecast Committee, Northern Kentucky Chamber of Commerce and CincinnatiUSA Regional Chamber) projects local GMP to grow by 2.7% this year. Finally, local unemployment is down to 4.7%, an improvement of 1.3% over the last year.

The improving local economy is influencing positive investment activity leading investors to see real estate as a preferred asset class. 2014 was one of the strongest years for investments in Cincinnati as total sales volume topped $2.3 billion.

Retail led with $600 million in total sales volume for 2014, $370 million of which occurred during the fourth quarter.

Greater Dayton – Industrial Market Overview

  
  
  
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By Jarrett Hicks, Senior Research Analyst

While no construction projects were delivered in Greater Dayton in the first quarter of 2015, over 800,000 SF of space is currently under construction across the region.  In Q1, two large projects broke ground: Superior Abrasives is building a new 84,000 SF headquarters at the Stonequarry Crossings industrial park in Vandalia, while Norwood Medical is building the seventh facility in its campus located north of downtown Dayton, a 75,000 SF building.

Greater Cincinnati – Industrial Market Overview

  
  
  
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By Jarrett Hicks, Senior Research Analyst

8 projects totaling 513,515 SF of space were delivered to the Greater Cincinnati market in Q1 2015.  2.88 million SF of industrial space is currently under construction across the region, including build-to-suit projects and speculative bulk warehouses.

Overall vacancy in Greater Cincinnati stands at a 15-year low of 4.70%.  When compared to Q4 2014, vacancy rates either dropped or remained flat in every product category and submarket.  Class A bulk warehouse space is in very short supply, with a vacancy rate of just 1.6% (611,000 SF).

Q1 2015 Dayton Office Market Snapshot

  
  
  
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By James Flick, Vice President, Research and Marketing

The job market in the Dayton region has been steadily improving since 2010 when unemployment reached as high as 12.9%. Currently, the unemployment rate is resting at 5.2%, which is much lower than the first quarter of 2014 where it was 6.8%. The overall change for the 12 month period was a 160 basis point improvement. This reduction can be contributed to the region adding approximately 16,000 jobs since January 2014.

Q1 2015 Cincinnati Office Market Snapshot

  
  
  
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By James Flick, Vice President, Research and Marketing

All signs point to the economic recovery shifting into expansion. As I detailed in the fourth quarter report, Gross Regional Product (GRP) is projected to grow by 2.7% in 2015, according to the latest Regional Economic Outlook (prepared by the Cincinnati Consensus Forecast Committee, Northern Kentucky Chamber of Commerce and CincinnatiUSA Regional Chamber). This is on par with the Conference Board’s projected growth of the US GDP (2.8%).

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