Active. That’s the best word to describe the industrial market in Cincinnati these days. And that’s the word that CBRE’s Cincinnati office uses to describe free-standing industrial building sales in the third quarter.
That’s good news for the commercial real estate industry here. And it’s one more sign pointing to a solid recovery in the industrial real estate market.
According to CBRE’s third-quarter Cincinnati industrial report, bulk warehouse vacancy rates dipped by 900 basis points in the third quarter of this year in the city when compared to the same quarter one year earlier. Again, that’s good news. The bulk warehouse vacancy rate stood at 15.8 percent in the third quarter of this year and 24.8 percent in the same time period in 2011.
Then there are those free-standing building sales. According to CBRE, sales in this segment are very active.
Another interesting point? E-commerce remains an important driver in Cincinnati-area industrial sales. Fanatics, for example, recently purchased 514,458 square feet in Dresden, Ohio, while Nastygal.com leased 427,000 square feet in Louisville. GSI Commerce leased 234,000 square feet in Walton, Ken., while iHerb.com leased 211,200 square feet in Hebron, Ken.
And in the best news of all? CBRE officials report that they are seeing more new construction in the industrial market in the Cincinnati area than they did in 2009, 2010 and 2011.
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