While US commercial real estate vacancies remain low compared to pre-pandemic levels, Cincinnati still experienced growth in the second half of 2021, with estimated 27 new projects added. A few exciting ongoing projects include a hospital development, a $45mn apartment development, a $30mn restaurant/multi-purpose development, and a $150mn mixed-use community development. Government entities have also participated in real estate investment, showing the city’s commitment to its citizens and ensuring future growth.
US office vacancy remains elevated: leasing velocity increased 9.2% in Q4 2021, making full year leasing volume roughly 15% higher than in 2020, but still 71% of pre-pandemic levels.
It was a solid second half of 2021 for development and construction projects in Cincinnati. Since July 2021, 27 project have been added, with total estimated development cost of more than $1.7bn.
The Port of Greater Cincinnati Development Authority, a Cincinnati government entity, outbid over 12 investment firms (with a bid of $14.5mn), purchasing 194 properties scattered around the city, enabling tenants to remain in their own homes, and keeping private investors out of their neighborhood.
Mercy Health-Kings Mills Hospital, Mason, 20 miles from Cincinnati, has a new hospital under construction. It’s expected to complete construction by 2023 and bring in over 275 jobs to the area!
Innovation Way Apartments, Kendall Property Group. The estimated $45mn development is the group's first Ohio project. The company intends to start construction this spring with an 18 month build out.
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Crossings of Oakley, Morelia Group. The Morelia group is working on two retail developments in the Oakley neighborhood in Cincinnati. The first is a 20,000 square foot, $12mn investment. The second includes 30,000 square feet of restaurant and retail space with an additional $18mn investment.
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Dorothy Lane Market, Traditions Building & Development Group & Western Row Land Developers; The Dorothy Lane Market is planning a 70-acre, $150 million mixed-use planned community in Mason in 2022. It’ll contain 80,000 square feet worth of restaurants, retail and grocery stores.