By now it’s common knowledge that the industrial markets across the Midwest are hot. Just look at all the spec building in places like Indianapolis and Louisville.
But it’s good to be reminded that these are special times in the industrial sector. Fortunately, CBRE has provided us with more evidence of this: According to the company’s first quarter industrial report for Cincinnati and Northern Kentucky, industrial vacancy rates in the greater Cincinnati area have reached all-time lows.
CBRE reported that the Cincinnati market’s industrial vacancy rate fell to 4.8 percent at the end of the first quarter of 2015. Not only is this an all-time low for the market, it’s also the second-lowest first-quarter industrial vacancy rate among the 30 largest U.S. industrial markets. CBRE says that only Orange County, California, had a lower industrial vacancy rate at the end of the quarter.
The two largest industrial tranasactions in ths market during the first quarter were SSB Manufacturing’s lease of 430,668 square feet from IDI Gazeley at Park North in Monroe, Ohio, and Gorilla Glue’s purchase of the 1.1-million-square-foot Gateway 75 property in Sharonville, Ohio.