CINCINNATI – May 16, 2014 – Cassidy Turley, a leading commercial real estate services provider in the U.S., announced today that the number of multifamily units sold in the first quarter of 2014 in Cincinnati reached a high not seen in three years, with 4,144 multifamily units sold for a total transaction volume of nearly $172 million. The average sale price per unit was $41,441.
“Sales volume in the Cincinnati multifamily market continues to skyrocket,” said James Flick, Vice President, Research and Marketing for Cassidy Turley’s Cincinnati and Dayton offices. “Looking ahead, new deliveries will begin to
outpace absorption in 2015, leveling out the vacancy rate somewhere between 2-3%.”
Q1 2014 Cincinnati Multifamily Market Snapshot Highlights:
(Click here to view the full report.)
- Growth Areas: The submarket that served as the strongest driver of demand in the first quarter of 2014 was the Northern submarket with 2,336 units sold for approximately $86.9 million. The average price per unit was $37,204.
- Asking Rents: Asking rents are expected to continue climbing, year over year, by approximately 2%.
- Vacancy Rates: Vacancy has been steadily declining since 2004 when it stood at 9.3%
- Outlook: More than 4,220 total units are either under construction or in the planning stages throughout the Cincinnati market, with 1,470 units or 35% of new development slated for the downtown submarket.
About Cassidy Turley
Cassidy Turley is a leading commercial real estate services provider with more than 4,000 professionals in more than 60 offices nationwide. With headquarters in Washington, DC, the company represents a wide range of clients—from small businesses to Fortune 500 companies, from local non-profits to major institutions. The firm completed transactions valued at $25.8 billion in 2013, manages approximately 400 million square feet on behalf of institutional, corporate and private clients and supports more than 24,000 domestic corporate services locations. Cassidy Turley serves owners, investors and tenants with a full spectrum of integrated commercial real estate services—including capital markets, tenant representation, corporate services, project leasing, property management, project and development services, and research and consulting. Cassidy Turley enhances its global service delivery outside North America through a partnership with GVA, giving clients access to commercial real estate professionals in 65 international markets. Please visit www.cassidyturley.com for more information about Cassidy Turley.