by Dan Rafter
Investors are gaining confidence in the Cincinnati market and investing more of their dollars into commercial properties here, according to a recent report from Cassidy Turley.
“The influx of capital into the Cincinnati market fueled a very strong transaction activity in the second half of 2013,” said James Flick, director of research for Cassidy Turley’s Cincinnati office, in a written statement.
How strong was the second half of the year for the Cincinnati market? The region during the last six months of 2013 saw 83 sales of more than $1 million. For second straight year, Cincinnati saw more than $1 billion in commercial sales activity.
Cassidy Turley reported that the region saw 2.19 million square of office space sell for $184 million during the second half of 2013. Sales volume in this sector topped $221 million for the year, marking the second consecutive year in which the area has seen more than $200 million in office investments.
The industrial sector was strong in the last six months of 2013, too, with 6.6 million square feet of space selling for $256.9 million. Two large portfolio sales totaling $159.7 million accounted for much of this activity.
The retail market featured the most activity of any sector in the Cincinnati area during the last six months of 2013. This sector enjoyed nearly $486 million in total sales volume, with much of this activity coming from the sales of Deerfield Towne Center for $97 million, Sycamore Crossing Shopping Center for $79 million and the Tri-County Mall for $45 million.