New Construction Starts Surge to Record Levels
Author: Loren DeFilippo
Date Published: 10/09/2018
As of the end of the third quarter of 2018, the Cincinnati industrial market is setting records for both occupancy gains and construction activity. An additional two million square feet of net absorption brings the year-to-date total to nearly six million square feet as the overall market vacancy declined 30 basis points to a historical low of 3.5%. As new product has been delivered to the market, leasing activity has kept pace as evidenced by consistent decreases in vacancy across all property sectors. Heightened leasing activity, in conjunction with rising rental rates, especially in the bulk warehouse and distribution sectors, has attracted the attention of existing developers and those still looking to enter the market.