by Brian J. Rogal, GlobeSt.com
As reported in GlobeSt.com, Dermody Properties and Hillwood Investment Properties recently broke ground on an 898,560 square foot facility for Wayfair Inc. an online retailer, in the Northern Kentucky submarket. And that project helped make the third quarter one of the most active the Cincinnati metro region has seen in years.
“With a 4.9% availability rate, the market has been craving new space especially in the form of modern bulk warehouse,” according to a CBRE report on the latest quarterly data.
The market had more than 2.2 million square feet of new construction starts, more than in any quarter in six years. Furthermore, the data show 1.6 million square feet of gross absorption in third quarter and 5.9 million square feet for the year. Positive absorption for the quarter hit 502,828 square feet. Cincinnati has now had positive absorption every quarter since the start of 2012.
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