CBRE’s first quarter industrial market report for the Cincinnati region brought plenty of good news to the brokers working this important Midwest city. Like in many cities across the Midwest, the industrial market in Cincinnati and its surrounding areas is steadily returning to health.
Some of the highlights of the CBRE report include:
- IDI’s announcement that it will begin construction of a 630,910-square-foot spec building at the Park South industrial park in Richmond, Ken.
- The bulk warehouse vacancy rate in the greater Cincinnati area fell by 1,000 basis points from the first quarter of 2012 to the first quarter of 2013. That rate stood at 11.7 percent — as compared to 21.4 percent — in the first quarter.
- Huhtamaki purchased a 925,000-square-foot industrial building in Batavia, Ohio.
- Netrada closed a 400,000-square-foot lease in West Chester, Ohio.
- Newly Wed Foods purchased a 326,001-square-foot industrial building in the Northern Kentucky city of Erlanger.
- And Ball Corp. closed a 163,104-square-foot lease in Monroe, Ohio.
The CBRE report also contained some challenges. For instance, Xpedx put 300,000 square feet back on the market here when it put its facility in central Cincinnati on the market.
Overall, though, the CBRE report counts as a positive one. And that’s something we’ve been seeing more of as the country continues its slow recovery.
— Dan Rafter
