The industrial market in greater Cincinnati continues its hot streak, with bulk warehouse vacancies at all-time lows, according to the latest research from CBRE.
According to CBRE’s third-quarter industrial report, bulk warehouse vacancies ended the third quarter with a vacancy rate of just 4.8 percent. The report also said that the greater Cincinnati market has seen more than four straight years of positive net absorption in its industrial market. So far for 2014, the market has seen 3.4 million square feet of industrial absorption.
Some of the bigger projects in the Cincinnati area include IDI’s 786,435-square-foot inventory facility. IDI recently started construction on this facility at the Park South industrial park in Richwood, Ken.
DCT industrial also notched a major industrial deal, selling an 840,000-square-foot complex at Port Union Commerce Park to Founders/Opus Group. The buyer has plans to build an additional industrial development on the 98-acre site.
Van Trust has made an impact, too, recently completing a 273,600-square-foot spec warehouse in Hebron, Ken.
In all, new construction activity in the Cincinnati industrial market now totals more than 2.1 million square feet. This is the highest this figure has stood since 2008.