CINCINNATI – February 27, 2014 – Cassidy Turley, a leading commercial real estate services provider in the U.S., announced today that investors are gaining confidence in the Cincinnati regional real estate market. By the fourth quarter of 2013, trends across all sectors showed an almost fully recovered investment market with no shortage of equity or debt capital, according to Real Capital Analytics’ “US Capital Trends Big Picture Report: 2013 Year in Review.”
“The influx of capital into the Cincinnati market fueled very strong transaction activity in the second half of 2013,” said James Flick, Director of Research for Cassidy Turley’s Cincinnati office. “During those six months, we tracked 83 sales over $1 million, totaling over $1.136 billion in total sales volume. For the second straight year, Cincinnati saw over $1 billion in commercial sales activity.”
Q4 2013 Highlights:
(Click here to view the full report.)
Office: The office building sales market had a total of 2.19 million square feet sell for $184 million during the second half of 2013. Sales volume topped $221 million for the year, marking the second consecutive year the Cincinnati region has seen more than $200 million in office investments. Clearly the market is moving from the recovery phase to the expansion phase of the real estate cycle.
Industrial: Cincinnati’s industrial market investment sales comprised 6.6 million square feet of space that sold for $256.9 million ($39 per square foot). Much of this activity was due to two large industrial portfolio sales that brought $159.7 million in investments to the market in the latter part of 2013.
Retail: The retail market featured the strongest activity of any commercial real estate sector in Cincinnati over the last six months, with nearly $486 million in total sales volume. Much of this activity came from the sales of Deerfield Town Center ($97 million), Sycamore Crossing Shopping Center ($79 million) and the Tri-County Mall ($45 million).
Multi-family: Investors proved that they are increasingly interested in higher valued properties ($1 million or more) in this market, with 750 units selling for $15.3 million ($20,459 per unit) in the third quarter of 2013. In the following quarter, 2,241 units were sold for a total transaction volume of nearly $170 million ($75,711 per unit). Fourth quarter sales volume, pushed by three significant sales, was the highest of any quarter in the past three years.
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.