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Cincinnati’s CBD Experiences Flurry of Development in Multiple Sectors

  
  
  
Cincinnati DowntownWEB

By James Flick, Vice President of Research and Marketing

This article first appeared on REBusiness Online. To read the original please click here. This article also was featured in the latest print edition of Heartland Real Estate Business.

Cincinnati’s central business district (CBD) is humming with activity, particularly in the office sector with nearly 13 million square feet of office space spread across 54 buildings. Class A office space has been in high demand in the past year as approximately 245,000 square feet was absorbed by area businesses, according to DTZ. During that time, the vacancy rate declined 380 basis points and now sits at 16.4 percent.

Second Quarter 2015 Cincinnati and Dayton Office Market Snapshots

  
  
  
DownloadCincy

By James Flick, Vice President of Research and Marketing

Cincinnati Office Market

Economy

The Cincinnati region continues to rack up accolades for its economic recovery and business friendliness. In May, the website NerdWallet, which provides online tools and research to educate consumers about financial decisions, ranked the “Best Places to Start a Business in Ohio.” Cincinnati boasted four of the top 10 locations with Blue Ash ranking #1, Sharonville #6, Kenwood #7, and Springdale #9. Additionally, Cincinnati ranked as the #3 “Metro Area for Economic Development in the US” by Site Selection Magazine (March 2015).

Q2 2015 Cincinnati and Dayton Industrial Market Reports

  
  
  
Cincinnati report blog graph

By Jarrett Hicks

Greater Cincinnati – Industrial Market Overview

In the second quarter of 2015, 430,400 square feet of new construction was delivered to the market, which accounted for one-third of quarterly positive net absorption.  2.91 million SF of industrial space is currently under construction across the region, including build-to-suit projects and four speculative bulk warehouses, three of which will be delivered later this Summer. 

Overall vacancy in Greater Cincinnati continues to decrease and currently stands at 4.37%.  Quarter-to-quarter vacancy rates dropped or remained flat in all submarkets and product categories, with the exception of Class B bulk warehouse space.  While some vacant Class B product returned to the market in the second quarter, Class A bulk warehouse vacancy is just 1.3% (503,000 square feet).

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

  
  
  
describe the image

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

  
  
  
Capture

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.

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